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Tata Power Technical Analysis #67: Sell | Target Rs 68.5 | Arijit Banerjee

CMP#70.6
IdeaSELL
Sell Range72 – 70
Target68.5 – 67
StopLoss*73.5
Duration15 – 20 Trading Sessions
Potential Return^3 – 5%
CMP#IdeaSell RangeTargetStopLoss*DurationPotential Return^
70.6SELL72 – 7068.5 – 6773.515 – 20 Trading Sessions3 – 5%

# CMP on July 05, 2019
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 70.
^ The returns are calculated based on CMP#

COMPANY OVERVIEW

The Tata Power Limited engages in power generation, transmissions, distribution and trading of electricity in India. Also, it manufactures photovoltaic cells and modules, procurement and construction services, GIS Testing, electrical testing to different clients. As of October 2018, the company had an installed capacity of 10, 857 MW.

Stock Data
NSE CodeTATAPOWER
Sectoral IndexNifty Infra
52W High83.85
52W Low59.8
Face Value1
Relative Performance_Tata Power vs Nifty Infrastructure

TECHNICAL OBSERVATIONS (WEEKLY)

  • The stock price has been falling in sideways range in the last few months and was showing a lack of strength to sustain the upmove during this period.
  • Presently, the stock price has placed near the Upper bound of a sideways range and based on historical price pattern we are expecting the price to fall off from here.
Tata Power Weekly Chart
Tata Power Weekly Chart

TECHNICAL OBSERVATIONS (DAILY)

  • Witnessing Higher Tops and Higher Bottoms at Daily Charts.
  • The stock seems to have broken out from its recent uptrend line.
  • RSI (14) which crossed from overbought zone 70 levels, which indicates loss of buying momentum and a possible rise in a trend reversal.
Tata Power Daily Chart
Tata Power Daily Chart

CONCLUSION - Tata Power SHARE PRICE FORECAST

Based on our short term share trading tips, Tata Power share price target will be 68.5 – 67 in the next few days.

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

The research analysis is prepared by Arijit Banerjee, CMT, CFTe. He is a veteran trader and an active investor having in-depth knowledge in financial market research, advanced technical analysis, market cycle, algorithmic trading and portfolio management. Arijit is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts, USA. SEBI, the regulatory body of Indian financial market also recognizes him as a Research Analyst (INH300006582).

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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