Shares of Tata Power Company Ltd were trading lower in Friday's trade. The stock slipped 2.52 per cent to hit a day low of Rs 419.05. It was last seen 0.94 per cent down at Rs 425.85. At this price, the multibagger scrip has gained 120 per cent in the past one year.
Tata Group's power arm will declare its standalone and consolidated audited financial results for the fourth-quarter (Q4 FY24), on May 8, 2024. The company is also set to announce a dividend, if any, for its shareholders.
"Tata Power's solid earnings story is still expected to continue. The stock can be kept on the radar," Mayuresh Joshi, Head-Equity Research at William O'Neil India, told Business Today TV.
On technical setup, immediate support on the counter could be seen at Rs 417-414 levels. And, major support lies at the Rs 380 zone.
"The stock has retested the previous peak zone of Rs 433 and then hit a record high of Rs 444, where it has shown some resistance. Near-term upside potential targets are Rs 454-474. The Rs 380 zone would be a major and important support levels to be watched out for and only a decisive breach below this level will weaken the bias," said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher.
"Support will be at Rs 414 and resistance at Rs 435. A decisive close above Rs 435 level may trigger a further upside to Rs 445. The expected trading range will be between Rs 410 and Rs 450 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.
"The counter looks bearish on daily charts with strong resistance at Rs 443. A daily close below support of Rs 417 could lead it to a lower level of Rs 372 in the near term," said AR Ramachandran from Tips2trades.
The counter was trading lower than the 5-day simple moving average (SMA) but higher than the 10-day, 20-, 30-, 50-, 100-, 150-day and 200-day SMAs. The stock's 14-day relative strength index (RSI) came at 40.60. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a price-to-equity (P/E) ratio of 54.90. Earnings per share (EPS) stood at 1.28.
As of March 2024, promoters held a 46.86 per cent stake in the Tata Group company.