Last updated: September 8, 2023, 1:01 PM IST
Shares Tata Power Company
Tata Power is engaged in the generation, transmission and distribution of electricity
Shares of Tata Power hit a 52-week high of Rs 276.50 on Sept. 8, when shares traded 0.2 percent in a large transaction worth Rs 155 crore on Sept. 8, according to Bloomberg data.
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 in the deal were.
Tata Power is engaged in the generation, transmission and distribution of electricity. It operates a wide range of power plants, including thermal, hydro and renewable energy facilities. The company serves a broad spectrum of customers, including the industrial, commercial and residential sectors.
Analysts expect a rally of up to 11 percent
Vidnyan Sawant, AVP – technical research at GEPL Capital, said, “Tata Power is showing a consistent pattern of higher highs and higher lows, supported by an escalating volume trend, indicating a substantial build-up driving prices.”
In early September 2023, the stock broke through the rounding bottom pattern in particular, signaling the start of an upward trajectory. Currently, his trading position above both the 12 and 26 day EMA (exponential moving average) reinforces his bullish trend.
The MACD further confirms this positive outlook and has registered a positive crossover, highlighting the prevailing upward momentum.
Going forward, we expect prices to rise to Rs 292 with the stop-loss to be a closing base of Rs 252, he said.
Manas Jaiswal has issued a strong buy call for Tata Power, citing the robust performance of the energy sector and a remarkable technical pattern in the charts. He pointed out that most energy stocks are definitely looking strong on the charts and that Tata Power stands out with a significant breakout pattern.
One of the key technical indicators Jaiswal highlighted was the formation of a flag pattern break by Tata Power, indicating a potential uptrend. In addition, the stock has consistently formed higher highs and higher lows, demonstrating its strength.
The growth potential is promising as Jaiswal predicted that shares of Tata Power could reach around Rs 285, representing a substantial increase from 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 of around Rs 266.
Notably, Tata Power has already gained more than 18 percent over the past month, further cementing the case for its continued upward trajectory.
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