In the previous session, the market halted its five days corrections and rebounded at an important support level.  The Nifty Index saw a negative opening in the morning session due to global weakness but soon recovered from its losses as the day progressed. Technically, the Index formed a bullish candle on the chart and closed with a net gain of 128.85 points. The overall market looks to be volatile due to derivative expiry, hence a highly cautious approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Thursday, January 27, 2022’ before the market opens.

Tata Power Company Ltd

NSE :TATAPOWER   BSE :500400  Sector : Power Generation & Distribution

We have posted a daily chart of TATAPOWER.  In the chart, we can see that the price has given a breakout above ‘Double Bottom Pattern’. Stock prices took exact support of the Ichimoku cloud indicator which is a strong signal of a positive trend. Stock formed a Bullish candle on the chart and closed with a net gain of 4.0%. In addition, the stock comfortably closed above the 20 EMA support which indicates positive momentum in coming days.

The overall long-term trend for TATAPOWER is positive. Investors should use the opportunity to buy on dip strong fundamental stocks at reasonable pricing before the upcoming Budget announcement. One can initiate buy at current price and add more on dips around support levels near 220-222 levels. We can expect it to reach a target of 280 levels. This outlook is valid as long as we do not see any closing below 200 level.

Check More Analysis on TATATPOWER at: Tata Power Company Ltd.