Tata Power, JSW Energy, Torrent Power: Support & resistance levels for these 3 power stocks

Indian benchmark indices continued their positive momentum cheered by the rate cuts announcement by the US, followed by China. However, rich valuations alarm the traders, who are booking profits. BSE Sensex rose 147.99 points or 0.17 per cent, to end the session at 85,076.60. NSE's Nifty50 gained merely 1.35 points, or 0.01 per cent, to close at 25,940.40 for the day.

Some buzzing power stocks including Tata Power Company Ltd, JSW Energy Ltd and Torrent Power Ltd are likely to remain under the spotlight of traders for the session today. Here is what Pravesh Gour, Senior Technical Analyst at Swastika Investmart has to say on these stocks ahead of Wednesday's trading session:

Tata Power | Resistance: Rs 500-540 | Support: Rs 430-400

Tata Power is emerging from a prolonged consolidation phase with strong volume, signaling a bullish outlook. Its overall structure remains positive as it trades above key moving averages and breaks out of a triangle formation. A solid base has formed around the 200-DMA near the Rs 400 level. On the upside, immediate resistance is at Rs 500, where the price may experience a brief pause. However, a breakout above Rs 500 could lead to a move towards Rs 540. On the downside, Rs 430 serves as crucial support during any pullback, with Rs 400 acting as the next important demand zone. Both the MACD and RSI indicators confirm the strength of the current uptrend.

Torrent Power | Resistance: Rs 1,980-2,100 | Support: Rs 1,800

Torrent Power has experienced a breakout from a triangle pattern on the daily chart. Following the breakout, it has established a pattern of higher highs and higher lows, indicating a strong upward trend. The overall chart structure appears promising, with both moving averages and momentum indicators reinforcing the bullish momentum. On the upside, the immediate resistance is around the Rs 1,980 level, and a breakout above this could lead to a rally towards the Rs 2,100 level in the near term. On the downside, a cluster of moving averages near the Rs 1,800 level provides significant support, forming a solid base for the stock.

JSW Energy | Resistance: Rs 850-900 | Support: Rs 700

JSW Energy has witnessed a breakout of a triangle formation, which is generally considered a bullish signal. It retested its previous breakout levels. It has found a strong base at around Rs 700, and it is trading above all important moving averages. The structure of the counter becomes so lucrative for long-term investors. On the upside, Rs. 850 is the neckline and an immediate hurdle; above this, we can expect a move towards Rs 900. On the downside, a cluster of moving averages at around Rs 700 is a strong demand zone during any correction.