Shares of Tata Power Company Ltd have risen 45% from their March 2023 low. Tata Power stock, which closed at Rs 183.95 on March 28, hit an intraday high of Rs 260.40 in the afternoon session today. The stock, which is in the green for a period of up to 10 years, has gained 27.87% in the last six months. Tata Power stock has gained 19% in a year and climbed 24.27% this year. The stock has seen very less volatility in a year with a beta of 0.3.
In terms of technicals, the relative strength index (RSI) of the stock stands at 61.4, signaling the stock is neither overbought nor oversold on technical charts. Tata Power shares are trading higher than the 5 day, 20 day, 30 day, 50 day, 100 day, 200 day moving averages.
In the afternoon session, total 2.86 lakh shares of the firm changed hands amounting to a turnover of Rs 7.50 crore on BSE. Market cap of the firm rose to Rs 84,037 crore.
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Here’s a look at what analysts said on outlook of the stock.
Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher said, “The stock has indicated a decent pullback from the low made near Rs 230 zone and further getting stronger breaching above the significant 50EMA level of Rs 248 zone, there is anticipation for further rise for next target of Rs 275 above which there can be a breakout expected further strengthen the trend. One can hold the stock with near term support maintained near Rs 248 zone below which the bias can turn slightly weak.”
Abhijeet from Tips2trades said, "Tata Power is bullish on the Daily charts with next resistance at Rs 258. A daily close above this resistance could lead to a target of Rs 272 in the near term. Support will be at Rs 251."
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