Tata Power shares are trading higher than the 5 day, 20 day, 50 day, 100 day, 200 day moving averages. 
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Tata Power shares are trading higher than the 5 day, 20 day, 50 day, 100 day, 200 day moving averages. Shares of Tata Power Company Ltd have approached their record high reached in April last year. The Tata Group stock touched a record high of Rs 298 on April 7, 2022. Currently, the stock is 11% short of the record high hit last year. Tata Power stock ended 2.01% higher at Rs 268.90 in the previous session, 10.82% or Rs 29.1 lower than the all-time high on BSE. The stock, which was in a consolidation mode since October 2021, has risen 27% this year. From its March low, Tata Power shares, have recovered 47.38% or Rs 86.45 in over five months.
The stock hit an intraday low of Rs 182.45 on March 28, 2023.
The stock hit a fresh 52-week high of Rs 276.50 on Friday against the previous close of Rs 263.60 on BSE. The Tata Group stock opened higher at Rs 265 on BSE on Friday. Total 60.27 lakh shares of the firm changed hands amounting to a turnover of Rs 163.30 crore on BSE. Market cap of the firm rose to Rs 85,922 crore.
The stock hit a fresh 52 week high amid buzz of block deal worth Rs 155 crore on September 8. Nearly 0.2% equity changed hands in a block deal at a price of Rs 270 per share on NSE.
In terms of technicals, the relative strength index (RSI) of the stock stands at 76.1, signaling the stock is overbought on technical charts. Tata Power has a one-year beta of 1.1, indicating high volatility during the period. Tata Power shares are trading higher than the 5 day, 20 day, 50 day, 100 day, 200 day moving averages.
Here’s a look at what analysts said on the outlook of the stock.
Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One said, "Tata Power has seen a stellar run in the current financial year and has soared nearly 50 percent from the lows of the Rs 180 zone. On the technical front, the stock is in a cycle of higher highs – higher lows and is heading towards its ATH (293). On the broader time frame, the stock has witnessed a vital breakthrough above the Rs 255-260 odd zone, which has acted as a severe resistance for the counter. For now, Rs 255-260 is likely to cushion any short-term blip, while the sacrosanct support lies around the Rs 235-230 zone. The stock looks buoyant to reclaim its ATH, but at the same time, one needs to have a pragmatic approach. After such a stellar rally, the counter might witness some cool-off/ profit booking, which must be considered healthy in a bullish market. Hence, one needs to capitalize on any dips toward the mentioned support zone from a short to medium-term perspective."
Abhijeet from Tips2trades said, "Tata Power stock price is overbought on the Daily charts with next resistance at 288. Investors should book profits at current levels as a close below support of 263 could lead to 228 in the near term."
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said, "The stock is having a strong bull run with an upward trend maintained for quite some time and has near term target of around Rs 290-295 levels from current zone. The near-term support is lying near Rs 256 zone and only a decisive breach below Rs 250 levels would weaken the overall bias."
Tata Power logged a 22% rise in consolidated net profit to Rs 972.5 crore in the June quarter against Rs 784.6 crore in the corresponding quarter of the previous fiscal.
Revenue climbed 5% to Rs 15,213.3 crore against Rs 14,495.5 crore in Q1 of the previous fiscal. EBITDA climbed 75% to Rs 2,943.6 crore against Rs 1,683.4 crore in June quarter of the previous fiscal.
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