Last Updated: September 08, 2023, 13:01 IST
Tata Power Company Shares
Tata Power is engaged in the business of generating, transmitting, and distributing electricity
Tata Power shares hit a 52-week high at Rs 276.50 as it saw 0.2 per cent equity change hands in a large trade worth Rs 155 crore on September 8, according to data on Bloomberg.
Nearly 52.5 lakh shares of Tata Power were sold in a block deal at a price of Rs 270 per share on the NSE.
However, it was not immediately clear who the buyers or sellers were in the deal.
Tata Power is engaged in the business of generating, transmitting, and distributing electricity. It operates a diverse range of power plants, encompassing thermal, hydro, and renewable energy facilities. The company caters to a broad spectrum of customers, including industrial, commercial, and residential sectors.
Analysts Expect Up To 11 per cent Rally
Vidnyan Sawant, AVP – technical research at GEPL Capital, said: “Tata Power showcases a consistent pattern of higher highs and higher lows, supported by an escalating volume trend, hinting at a substantial buildup driving the prices.”
In early September 2023, the stock notably broke through the rounding bottom pattern, signaling the onset of an upward trajectory. Currently, its trading stance above both the 12 & 26 days EMA (exponential moving average) solidifies its bullish trend.
Further endorsing this positive outlook, the MACD has registered a positive crossover, emphasizing the prevailing upward momentum.
Going ahead we expect the prices to move higher till Rs 292 where stop-loss must be Rs 252 closing basis, he said.
Manas Jaiswal has given a strong buy call on Tata Power, citing the robust performance of the power sector and a notable technical pattern on the charts. He pointed out that most of the power stocks are looking definitely strong on the charts and Tata Power stands out due to a significant breakout pattern.
One of the key technical indicators Jaiswal highlighted was Tata Power’s formation of a flag pattern breakout, indicating a potential upward trend. Additionally, the stock has been consistently forming higher tops and higher bottoms, showcasing its strength.
The potential for growth is promising as Jaiswal predicted that Tata Power’s stock could reach approximately Rs 285, representing a substantial increase from its current levels. He advised investors to consider a long position in Tata Power for the next three to four trading sessions, with a recommended stop loss at around Rs 266.
Notably, Tata Power had already gained more than 18 percent over the past month, further bolstering the case for its continued upward trajectory.
Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.
