Trade Idea of The Day - Tata Power Company Ltd Target Rs.16 - Religare Broking Ltd
Tata Power Company Ltd
BUY 28 APR 400 CALL SELL 28 APR 420 CALL Tata Power Company Ltd Entry Range 7 - 9 Target Range 16 Stop Loss 3
Rationale
* On the daily chart TATAPOWER has witnessed a strong rebound from lower levels around 390–380, forming a higher low structure, indicating a potential bullish reversal and improving market sentiment.
* Prices are traded above both the 20-DEMA and 50-DEMA, suggesting a positive trend shift, while sustained trading above the 400 mark reinforces strength in the ongoing uptrend.
* Momentum indicators support the bias, with RSI holding above 60 and MACD showing a positive crossover, reflecting increasing buying interest and momentum buildup.
* For the near term, “buy on dip” approach remained intact near the 398-400 zone, with upside potential towards the 420 and than 430 levels with maintaining a strict stop loss below 380 to manage downside risk.
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