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Synopsis : Tata Power shares have rebounded by 93% from their 52-week low, hitting a high of Rs 447.70 today. With a strong year-to-date performance and bullish technical indicators, analysts suggest that the stock has room for further growth. Most experts recommend buying on dips, with target prices ranging from Rs 495 to Rs 550, depending on the stock's ability to surpass key resistance levels.
Tata Power shares have experienced a significant rebound, surging by 93% from their 52-week low. The stock reached a high of Rs 447.70 today, a substantial recovery from its low of Rs 228.10 on August 16, 2023. As Tata Power prepares to announce its Q1 earnings, the stock has gained over 2% in anticipation, pushing the market capitalization of the company to over Rs 1.41 lakh crore on the BSE.
Market Performance and Technical Analysis
Tata Power shares have shown impressive performance in 2024, with a 35% gain year-to-date and an 89% increase over the past year. The stock hit a record high of Rs 470.85 on August 2, 2024, following a period of robust growth. In terms of technical indicators, the Relative Strength Index (RSI) of Tata Power stands at 48, suggesting that the stock is neither overbought nor oversold. The stock is trading above its 20-day, 50-day, 100-day, and 200-day moving averages but remains below its 5-day moving average.
Analysts' Recommendations
Analysts remain largely bullish on Tata Power. Here are some expert insights:
Hardik Matalia, Choice Broking: Matalia suggests buying on dips near the Rs 435 support level, with a stop loss at Rs 420. If the stock surpasses the recent high of Rs 472, it could target Rs 535-550. The RSI indicates potential for further upside, and the stock's bounce from its 20-day EMA shows strong support.
Shiju Koothupalakkal, PL Capital - Prabhudas Lilladher: Koothupalakkal anticipates further gains, with target levels at Rs 495 and Rs 522. He identifies Rs 442 as a crucial support zone.
Kushal Gandhi, StoxBox: Gandhi is optimistic, setting a price target of Rs 520. He highlights a bullish double-bottom breakout and suggests accumulating shares with a stop loss at Rs 441.
Om Mehra, SAMCO Securities: Mehra points out the RSI's positive skew at 62 and notes that breaking the upper Bollinger Band at Rs 475 could drive the stock toward Rs 500-520.
Jigar S Patel, Anand Rathi: Patel sees support at Rs 450 and resistance at Rs 471. A decisive close above Rs 471 could push the stock to Rs 485, with a short-term trading range between Rs 440 and Rs 480.
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial advice. Investors should conduct their own research and consult with a financial advisor before making any investment decisions.
