TATA POWER SHARE PRICE TARGET 2024: STOCK FALLS AHEAD OF Q4 RESULTS | BUY, SELL, OR HOLD?

Tata Power Limited, a company within the Tata group, is all set to announce its financial results for the fourth quarter tomorrow. Investors are awaiting the outcome of Wednesday's, May 8, 2024 board meeting as it will have a significant impact on the share price.

Amid Tata Power's financial results announcement schedule, there is a dip in its share value by over 2.5 per cent in Today's trading session. Now it led to confusion about the share price for upcoming trading sessions.

Investors are wondering whether it will regain its last week's trend of hitting a record high or will continue the downward trend. To get insight on this, Pawan Kumar from the Times Now has a word with Jigar S Patel, Senior Manager - Technical Research Analyst, Anand Rathi Shares and Stock Brokers.

"At this moment, there's a notable development with TATAPOWER, the occurrence of a negative candlestick pattern on its DAILY chart, precisely coinciding with the MONTHLY camarilla R3 pivot point, has emerged as a cause for concern among market participants. In this case, the negative candlestick formation suggests a bearish sentiment prevailing in the market, particularly as it aligns with a significant resistance level represented by the quarterly camarilla R3 pivot point," Jigar S Patel said.

Further, he said, "The fact that TATAPOWER’S negative candlestick aligns precisely with this pivotal level accentuates its significance and amplifies concerns regarding a potential reversal in the stock's upward trend. Despite the prevailing apprehension, there's an opportunity for strategic positioning."

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Tata Power Share Price Target

"Those considering investment in TATAPOWER may find the price range of Rs 420-430 to be an attractive entry point. This range represents a zone where the stock's price may stabilize or experience a rebound, presenting an opportune moment to initiate buy positions. Furthermore, an optimistic outlook is maintained, with a target price range set between Rs 460-465 with Stop-loss of Rs 405 on daily close basis," Jigar S Patel, Senior Manager - Technical Research Analyst, Anand Rathi Shares and Stock Brokers said.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money related decisions.)

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2024-05-07T16:02:47Z dg43tfdfdgfd