BHUMIT-ARQ
Long

Tata Power Out Of Corrective Phase

NSE:TATAPOWER   TATA POWER CO LTD
48 0 4
Targets : 88-100 Buy range : 80-82 Stoploss : 75 Duration : 4-5 weeks

Outlook :
The share price of Tatapower             during the previous session has rebounded from near the crucial support area of Rs             77-75 region as it was the confluence of following technical parameters.
The 61.8% retracement of the previous rally from Rs             67 to Rs             91.15 is placed around Rs             76.
The long term trend line support joining lows since February 2016 and November 2016 is also placed around Rs             76 region.
During the previous session, the stock rebounded above the long term 200 Days EMA (pink line), also posted a breakout from a “Falling Wedge” like pattern with a sharp rise in volumes which can be seen in the adjacent chart highlighting the overall positive price structure.
In the last two-three sessions the stock has seen a sharp rise in volumes, crossing nearly 3-times the average daily volume of last 15-days average volume in previous session itself. Strong volume at the crucial support level indicate accumulation by strong hands before the impending reversal.
Daily 14-RSI has also rebounded from the oversold territory and has generated a buy signal moving above its own trendline , thus supporting positive bias in price. Stochastic has also resumed to move in upward direction.
Based on the above technical observation, we believe the corrective decline has approached maturity and the stock is likely to resume, towards its previous top levels in the short-term.
Hence, recommend a Buy as per levels mentioned above.
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