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⭐️ Ultra Equity Advice #109 | Sell | Expected Profit 8-9% | Arijit Banerjee

OUR RECOMMENDATION

  Sell    TATA POWER  

CP#59.15
IdeaSELL
Sell Range60 – 59
Target55 – 54
StopLoss*62.5
Duration15 – 20 Trading Days
Potential Returns^8 – 9%
CP#IdeaSell RangeTargetStopLoss*DurationPotential Returns^
59.15SELL60 – 5955 – 5462.515 – 20 Trading Days8 – 9%

# CP – closing price on Jan 22, 2020
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 57.
^ Potential returns are calculated based on the median of sell range.

COMPANY OVERVIEW

The Tata Power Limited engages in power generation, transmissions, distribution and trading of electricity in India. The company generates electricity through coal, gas, hydro, solar, wind etc. It also manufactures photovoltaic cells and modules, procurement and construction services, GIS Testing, electrical testing to different clients. Tata Power’s standalone revenue from operations increased 7.57% to Rs 1,993 crore from Rs 1,852 crore in the Q2FY20.

Stock Data
NSE CodeTATAPOWER
Sectoral IndexNifty Infrastructure
52W High77.95
52W Low50.35
Face Value1
Relative Performance_Tata Power vs Nifty Infrastructure

TECHNICAL OBSERVATIONS (WEEKLY)

  • Looking at the weekly chart, we can see the overall trend and broader pattern are bearish, and any reactive pullback might be temporary in nature.
  • The stock price has been moving in a larger falling range in the last few months and was showing a lack of strength to sustain any upmove during this period.
  • Presently, the stock price has placed near the Upper bound of a sideways range and based on historical price evidence, we are expecting the price to fall off from here.
Tata Power Technical Analysis Weekly Chart
Tata Power Technical Analysis Weekly Chart

TECHNICAL OBSERVATIONS (DAILY)

  • The stock price has slipped into sharp decline during this week and moved below the uptrend line as drawn on the chart.
  • The turnaround of the price structure presents a fresh selling opportunity in the stock.
  • The momentum oscillator RSI also gave trendline breakout and moved below 60 marks on the daily time scale, showing bearish strength in the counter.
Tata Power Technical Analysis Daily Chart
Tata Power Technical Analysis Daily Chart

LIVE UPDATE - POSITION & ACTIVITIES

Position: Short TATAPOWER at ₹ 60 | Goodluck Capital by GoodluckCapital on TradingView.com

Position: Short TATAPOWER at ₹ 60 | Goodluck Capital by GoodluckCapital on TradingView.com

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MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

ANALYST SUMMARY

This research analysis is prepared by Arijit Banerjee, CMT, CFTe. An engineering graduate developed an early interest in Trading since the age of 20. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and also has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts (IFTA), USA. His contribution to the market research was recognized by SEBI, the Regulatory Body of Indian financial market and given him the registration number INH300006582 as a Research Analyst. Over the years, he has gained experience in Technical Analysis with a demonstrated history of working in different asset classes. Himself as a trader, he has trained and continues training novice and experienced traders to become successful, confident and profitable in the financial market.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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