Tata Power, Adani Power, Suzlon Energy: Key support and resistance levels for these 3 stocks

Domestic stock indices recovered from early jitters and settled with gains on Thursday amid expiry of February series F&O contracts, ahead of domestic economic data and US inflation figures later in the day. The BSE Sensex ended at 72,500.30, up 195.42 points or 0.27 per cent. The NSE Nifty gained 31.65 points, or 0.14 per cent to settle at 21,982.80

A few stocks namely Tata Power Co Ltd, Adani Power Ltd and Suzlon Energy Ltd are likely to be in focus today. Here is what Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox has to say on these stocks ahead of Friday's trading session:

Tata Power Co | Resistance: Rs 415-450 | Support: Rs 360
Tata Power's support of the 50-day simple moving average (SMA) at Rs 360 level is presently serving as a boosting mark. The negative bias could enlarge only upon breaking below this key support. On the higher side, the stock must cross Rs 390 level to recoup a losing bias. The following hurdle is at the Rs 415-mark, which upon crossing could result in an upside till Rs 450.

Adani Power | Resistance: Rs 590 | Support: Rs 500
Adani Power must close above Rs 590 to embark on the fresh upside. Until that occurs, a sideways momentum with the downward support near the Rs 500 level could emerge. A breakout over Rs 590 would send the price heading in the direction of Rs 545 -560 levels. The current momentum remains uncertain with price entering the rectangle trend.

Suzlon Energy | Resistance: Rs 50 | Support: Rs 35
Suzlon Energy is hovering around the 50-day simple moving average (SMA) placed at Rs 43 level. A sustainability over this level would build a positive bias. However, a failure to hold the momentum of 50-day SMA would result in  the price action dripping towards the Rs 35-mark. To recapture the losing bias, the stock must absorb all the selling pressure emerging around the Rs 50-mark.
 

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