Can I buy shares of Tata Power at CMP? - Pranjit Gope
AVOID TATA POWER FOR NOW
Tata Power is currently trading at Rs 77.70. Its 52-week high/low stand at Rs 91.25/Rs 67.10 made on April 3, 2017 and November 9, 2016, respectively. Considering the daily time frame, the stock had formed a kind of descending triangle pattern and gave a breakout at Rs 82.80 level on September 13. The stock is recently trading in a pullback mode where it entered the triangle. The stock has a support near Rs 76.50. If the stock breaches Rs 76.50 followed by Rs 75.90, it may see a sharp downside. Hence, we suggest you to avoid entering the stock for now and enter above Rs 83.60 on a closing basis.