Stock Picks - Buy Tata Power Company Ltd For Target Rs.258 - ICICI Direct
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Technical Observations
* The share price of Tata Power has bounced off key support at 61.8 percent retracement of recent up move(| 201- 252),signalling resumption of upmove & fresh entry
* The key observation is that the stock has been holding above its 20 day EMA since May 2021 signalling inherent strength and overall positive structure
* We expect the stock to maintain positive bias and head higher towards | 258 levels as it is the 123.6% external retracement of the recent decline (| 252-222)
* The daily 14 periods RSI is rebounding taking support near its previous lows thus validates positive bias.
Buy Tata Power Company Ltd @ 232.00-238.00 TGT 258 SL 221
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