TATAPOWER-P-1 Near and medium term View-Accumulation & breakout
Updated
Tata Power (CMP: 392.10), is fundamentally strong counter, has shown muted profit in this quarter Q3FY23-24.
Accumulation:
Should be accumulated in every dip, the level to keep in mind is as below
Accumulation Zone : 395-372; Strict Stop loss : 364 on closing basis.
Violations of Rs. 364 will further break the script to Rs: 300
Breakout:
Breakout above 415 on closing basis with good volumes and will take the script to Rs. 485.
Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance
Accumulation:
Should be accumulated in every dip, the level to keep in mind is as below
Accumulation Zone : 395-372; Strict Stop loss : 364 on closing basis.
Violations of Rs. 364 will further break the script to Rs: 300
Breakout:
Breakout above 415 on closing basis with good volumes and will take the script to Rs. 485.
Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance
Trade active
Tata power is nearing its time correction zone and consolidation phase as seen on charts. Breakout is expected above 415 levels in near term and should take the script to Rs 470;Fresh entry in the stock can be taken on confirmation of brekout, ( Closing above Rs 415 & volumes of more than 4.5 Cr )
with a stop loss of Rs: 390.
Trade active
Next few trading session will take the script to pass 450 marks and take it to levelmof 485.Trade active
The Chart structure of Tata power is showing the signs of fatigue and entered in to sideways consolidation phase. In anticipation of better Q1 results for this financial year, script may see a spurt of 20 to 30 rs on intraday basis and will touch the target's earlier given for this script, ie., 485 before month end ( July 24). Those who are holding the stock at a price below Rs. 395, should put a strict stop loss of Rs 415, and can wait for the target of 485. No fresh entry is advised. Stock is going to be in long-term time and price correction, pls avoid.Trade closed manually
Closing This thread. The targets of 485 was marginally missed. In intraday trade script has traded at 471 (52W high).I Will come up with the new wave reading, considering of the past 4 month of the price movement, and way forward on the stocks.
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