srikartiram

Trying to Capture a Small Upside move in TATAPOWER

Long
NSE:TATAPOWER   TATA POWER CO LTD
Due to some negative bias the stock is punished by Gap down. But i'm expecting a small recovery for BTST

1) RSI oversold and may slightly recover from this place
2) Dividend record date is 14/07/2020 (Tuesday) hence it may attract some buyers at the dip. They providing Rs .1.55/- dividend, that is 3.20% at this price.
3) Seeing the delivery volume is confirming the attraction towards dividend.
4) There is a good resistance to run and price is at trendline support with a strong hammer .

CMP : 49.90
SL : 48.90
Target : 53

1:2 + Risk reward setup.

P.S : Don't hold beyond Tuesday noon regardless of Profit or Loss. Chances are there for big gap down again on Wednesday. But that is beyond the trade setup. Mostly we will get the justice by Tuesday itself for our setup.
Trade closed: stop reached: Dividend Ex-Day pressure ! But this will recover and hit the target sooner !

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