Sell TATA POWER
|Sell Range||60 – 59|
|Target||55 – 54|
|Duration||15 – 20 Trading Days|
|Potential Returns^||8 – 9%|
|CP#||Idea||Sell Range||Target||StopLoss*||Duration||Potential Returns^|
|59.15||SELL||60 – 59||55 – 54||62.5||15 – 20 Trading Days||8 – 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.
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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.
|Sectoral Index||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.
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.
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⭐️ Ultra Equity Advice #109: Overall trend and broader pattern are bearish for this stock since last two years.— Goodluck Capital (@CapitalGoodluck) January 23, 2020
Daily trendline, as well as RSI breakout, suggests going short.
🔗 Original Post: https://t.co/s6uHzw7xcN#technicalanalysis #trading #buysell #GoodluckCapitalUltra