The Tata Power Company Limited Stock Forecast
The Tata Power Company Limited stock price up 0.313% on Thursday
(Updated on May 23, 2024)
The The Tata Power Company Limited stock price gained 0.313% on the last trading day (Thursday, 23rd May 2024), rising from ₹447.60 to ₹449.00. It has now gained 7 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 1.49% from a day low at ₹445.60 to a day high of ₹452.25. The price has risen in 8 of the last 10 days and is up by 3.11% over the past 2 weeks. Volume fell on the last day by -967 thousand shares and in total, 512 thousand shares were bought and sold for approximately ₹229.67 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 17.47% during the next 3 months and, with a 90% probability hold a price between ₹494.33 and ₹558.83 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
TATAPOWER.BO Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Thursday, May 02, 2024, and so far it has fallen -1.90%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The The Tata Power Company Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ₹438.61 and ₹429.87. A breakdown below any of these levels will issue sell signals. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for The Tata Power Company Limited stock
The Tata Power Company Limited finds support from accumulated volume at ₹431.50 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹6.65 between high and low, or 1.49%. For the last week, the stock has had daily average volatility of 1.89%.
Since the The Tata Power Company Limited has been rising for 7 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: ₹428.74 (-4.51%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 44 days ago.)
Trading Expectations (TATAPOWER.BO) For The Upcoming Trading Day Of Friday 24th
For the upcoming trading day on Friday, 24th we expect The Tata Power Company Limited to open at ₹448.95, and during the day (based on 14 day Average True Range), to move between ₹436.59 and ₹461.41, which gives a possible trading interval of +/-₹12.41 (+/-2.76%) up or down from last closing price. If The Tata Power Company Limited takes out the full calculated possible swing range there will be an estimated 5.53% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹449.10 (0.02%) than the support at ₹431.50 (3.90%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is The Tata Power Company Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for The Tata Power Company Limited stock to perform well in the short-term.
Current score: 3.444 Buy Candidate Unchanged
Predicted Opening Price for The Tata Power Company Limited of Friday, May 24, 2024
| Fair opening price May 24, 2024 | Current price |
|---|---|
| ₹448.95 ( 0.0111%) | ₹449.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TATAPOWER.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 455.60 | 1.47 % | |
| R2 | 453.06 | 0.90 % | ||
| R1 | 451.49 | 0.555 % | ||
| Current price: | 449.00 | |||
| Support | S1 | 446.41 | -0.577 % | |
| S2 | 444.84 | -0.93 % | ||
| S3 | 442.30 | -1.49 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 457.70 | 1.94 % | |
| R2 | 454.60 | 1.25 % | ||
| R1 | 449.10 | 0.0223 % | ||
| Current price | 449.00 | |||
| Support | S1 | 431.50 | -3.90% | |
| S2 | 424.95 | -5.36% | ||
| S3 | 413.65 | -7.87% |
FAQ
Click here for our free guide on how to buy The Tata Power Company Limited Stock.
