Tata Power – Struck in a Range, Testing the Resistance

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Tata Power Co. Ltd (NS: TTPW ) Share Prices are struck in a Broad Range of 250 to 200. Respective Support Zone is at 206 and Respective Resistance Zone is at 252.

Prices must clearly break either one of these zones to trend. As long prices are struggling to break the boundary, we are likely to be struck in the Range bound Price action.

After witnessing some good Buying Pressure, Share Prices are testing the Resistance Zone now.

Take a look at the Price Action Analysis of 5h Chart

Tata Power Stock Prices – Price Action in 5h Chart
Volume is pretty low compared to the relative history, which technically means not much trading activity or order flow is taking place on the stock.

We need to see some improvements in the Volume and a strong breakout in either one of the directions for the Market Structure to change into a Trend.

Traders should keep an eye on the Price Action of 5h Chart and focus on the Volume Behavior before taking any decisions.

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  • Manish Dhariwal @Manish Dhariwal
    Good analysis! It has now consolidated and looks like breaking out.
    Like 0
  • Ramesh Kannan @Ramesh Kannan
    Nice one. This stock has ran too high too fast. Both FII and DII have reduced holdings drastically on a Yoy and Qoq basis. Mathew pacicfic tiger fund sold on 30 th Nov 2021 at a price range of 230- 235. For F&O hedging it touched 250. Will test 203 in the coming days. To enable new institutional entry this will be brought down to 180 levels post results on 9th Feb. This quarter the revenue numbers will go higher but net profits will shrink drastically due to input costs, say coal and crude. 58% of business is only thermal energy. Last quarter net profit was inflated with income from subsidiary sale proceeds.
    Like 16
    • Manish Dhariwal @Manish Dhariwal
      Given the sentiments around the sector ev and renewable, and news flow related to fund raise, it does not look like going below 235
      Like 0

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  • Upendra Nath Machanuru @Upendra Nath Machanuru
    Nice Analysis bro
    Like 2

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