Technical Pick of the Week #1 - Tata Power

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Price Action Analysis:

The stock gave a fresh breakout above 410 in the last week. The volume was greater than average which reflects a strong momentum. A strong bounce was seen around the 375-380 zone which indicates a buy-on-dips momentum.

Moving Average:

The stock has been trading above the 50 for the last 4 months. A buy trade can be initiated as the stock breaks the 20-EMA level.

Bollinger Bands:

The stock successfully broke the band with huge volume which reflects a fresh breakout. The middle band is at 380-385 zone which will act as a strong support in the upcoming weeks.

 

Mool’s Outlook:

We anticipate a target of 470 in the stock in the next 6 months, which reflects a 14% upside in the stock.

Stop Loss should be maintained at INR 387.

Several technical indicators suggest a strong positive trend for the stock, pointing to significant upward momentum.

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