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Tata Power Company Ltd
NSE :TATAPOWER BSE :500400 Sector : Power Generation & Distribution
About Company: Tata Power Company Limited is an Indian electric utility company based in Mumbai, Maharashtra, India and is part of the Tata Group. The core business of the company is to generate, transmit and distribute electricity. With an installed electricity generation capacity of 10,577 MW, it is India’s largest integrated power company. Tata Power has been ranked 3rd in 2017 Responsible Business Rankings developed by IIM Udaipur. In February 2017, Tata Power became the first Indian company to ship over 1 GW solar modules.
News in Stock: As per media reports, the power generation and consumption are expected to improve in the current fiscal 2021-22 (FY22) with the anticipated higher levels of economic activity amid optimism that the vaccination program would facilitate normalization and stimulate economic recovery.
Daily Chart of TATAPOWER:
Technical Outlook of TATAPOWER:
Today on Wednesday 29-Sept-2021 stock soared 8.14% on NSE and closed at151.45, Stock crossed multi year highs and managed to close above it. Stock looks very bullish, Comparative Relative Strength (CRS) signals outperformance in the stock. Previous resistance of 140 would act as very strong support for the stock. Till stock trades above 140 levels strategy to buy on correction should be adopted.
We suggest short term traders and investors to buy stock on dips (best buy around 140), Possible targets could be 180 in the next few months. Stop loss should be kept below 130 on a closing basis. If stock closes above 158 it will enter uncharted territory and will take off towards mentioned targets of 180.
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