Tata Power Company Ltd - Breakout Opportunity
Updated
Date: 31-Jul-2024
LTP: Rs. 453.60
Next Resistances: (1) Rs. 464 --> (2) Rs. 521 --> (3) Rs. 613
SL: Rs. 412 on daily close basis
Technical View:
•
TATAPOWER is in it's primary uptrend and was recently going through it's secondary downtrend.
• After touching the high of 464.20 on 3-May-2024, it has retraced 20% to 371.65 level.
• On 31-Jul-2024,TATAPOWER has broke out from its secondary down trend with higher than average volume.
•TATAPOWER is trading above 21 DEMA, 20 DMA and 50 DMA.
• RSI is trading in buy zone at 60.81.
• MACD is trading at 1.24.
• Looking good to start a new swing from here.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
LTP: Rs. 453.60
Next Resistances: (1) Rs. 464 --> (2) Rs. 521 --> (3) Rs. 613
SL: Rs. 412 on daily close basis
Technical View:
•
TATAPOWER is in it's primary uptrend and was recently going through it's secondary downtrend.• After touching the high of 464.20 on 3-May-2024, it has retraced 20% to 371.65 level.
• On 31-Jul-2024,
TATAPOWER has broke out from its secondary down trend with higher than average volume.•
TATAPOWER is trading above 21 DEMA, 20 DMA and 50 DMA.• RSI is trading in buy zone at 60.81.
• MACD is trading at 1.24.
• Looking good to start a new swing from here.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
Comment
01-Aug-2024---------------
LTP: Rs. 464.4
1st resistance of 464 reached.
Comment
24-Sep-2024
---------------
LTP: Rs. 468.75
Re-claimed 1st resistance level today. Momentum is even stronger than earlier. Next resistance levels are very much possible.
Disclaimer
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