TATA POWER has been rallying from the level of 80 and appears to be consolidating for a follow-up rally up to 100. The stock is being traded-in good quantity daily and there has seen significant additions in the segment as well.
Buy - ~88
T1 - 92+
T2 - 100+
SL - 87
Triggers -
Improved earnings reported in Q3.
It has been said that the business hasn't been drastically impacted by the COVID.
Emphasis is laid upon clean and green energy in Union Budget.
NOTE- Hourly time frame chart is being used here to clearly depict the target levels and support levels. The stock has been treating the level of 88-90 as a strong support zone. T1 and T2 are expected to be achieved in the coming 2 weeks.
Buy - ~88
T1 - 92+
T2 - 100+
SL - 87
Triggers -
Improved earnings reported in Q3.
It has been said that the business hasn't been drastically impacted by the COVID.
Emphasis is laid upon clean and green energy in Union Budget.
NOTE- Hourly time frame chart is being used here to clearly depict the target levels and support levels. The stock has been treating the level of 88-90 as a strong support zone. T1 and T2 are expected to be achieved in the coming 2 weeks.
Trade active:
T1 has been achieved. The stock made a high of 92.45 on Feb 17, 2021. Update - T2 is still active and is expected to be achieved in the coming 3-4 weeks.
Comment:
T2 of 100+ has been achieved. The stock has given an upside of ~25% from the levels of 80 in 16 trading sessions. One can book profits here or can keep it for the long term perspective as the sector in which the organization operates will remain in focus in months and years to come.
Trade closed: target reached:
All targets have been achieved. The stock is consolidating in the range of 100-110. Further entry can be taken in the stock when it breaks the level of 112 and sustains above it with the targets of 125.