Stock market today: Tata Power shares have given breakout on chart pattern ahead of the Q4 results today. After bottoming out at around ₹180 apiece levels, Tata Power share price has managed to come out of the base building mode and the Tata group stock gave breakout above ₹202 levels on closing basis, signaling bullish trend in near term. According to stock market experts, Tata Power shares may go up to ₹235 apiece levels in long term.
Expecting big upside in Tata Power shares, Sumeet Bagadia, Executive Director at Choice Broking said, "Tata Power shares have bottomed out after recent sharp fall from its 52-week highs. After climbing to 52-week high, this Tata group stock fell down very sharply and went on to hit 52-week low at the end of March 2023. However, in last one month, Tata Power share price slowly and steadily surged northward and gave breakout at 202 levels on closing basis on Wednesday session, signaling big upside in near term."
Giving 'buy' tag to Tata Power shares, Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher said, "After a long time, Tata Power shares come on our radar, as the stock is coming out of a downward channel pattern with a positive candle. The stock has witnessed decent erosion from ₹250 apiece levels, bottoming out near ₹180 levels, gradually indicating improvement in the bias. Currently, a positive candle pattern indicates strength and has the potential to rise further in the coming days. With the RSI also going strong, it has indicated a trend reversal to signal a buy. We suggest buying this stock for a short-term upside target of ₹217 (200 DMA) and a long-term target of ₹235, keeping the stop loss at ₹190."
Tata Power Q4 results today
Tata Power will announce its Q4 results today. Brokerage firms are expecting strong Q4 earnings from the power company.
Expecting strong earnings growth, Sharekhan said, "Tata Power is expected to post strong earnings growth on a YoY basis due to low base of last year, but sequentially PAT would decline due to losses at Mundra as the plant was operational for a few days in Q4FY2023 and moderation in coal realisation."
As per the Kotak Institutional Equities, Tata Power profit in Q4FY23 is expected at ₹754 crore, up 50 per cent against its Q4FY22 profit. The brokerage sees sales at ₹13,656 crore and margin at 14.5 per cent.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
ABOUT THE AUTHOR
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
MoreLess
Published: 04 May 2023, 10:46 AM IST
I have a solid grasp of the stock market and its dynamics, backed by in-depth knowledge and experience in analyzing market trends, chart patterns, and financial indicators. In the context of the article you provided, there are several key concepts and terms worth addressing:
-
Tata Power Share Price Movement: The article discusses the movement of Tata Power shares in the stock market, indicating a breakout above certain price levels (₹202) and projections for future price targets (₹217 and ₹235). This involves technical analysis, considering chart patterns and price movements to predict potential future trends.
-
Technical Analysis Indicators: The analysts mentioned in the article, such as Sumeet Bagadia and Vaishali Parekh, utilize technical indicators like candlestick patterns, moving averages (200 DMA), Relative Strength Index (RSI), and trend channels to evaluate the stock's potential and suggest buying recommendations.
-
Q4 Results & Earnings Projections: There's a discussion about Tata Power's upcoming Q4 results. Brokerage firms like Sharekhan and Kotak Institutional Equities have given their estimates regarding Tata Power's expected profits, sales figures, and margins for the fourth quarter of FY23. These estimates are based on various factors such as last year's performance, operational details, and market trends.
-
Risk Management & Stop Loss: Vaishali Parekh suggests setting a stop loss at ₹190, indicating a risk management strategy for investors to limit potential losses if the stock doesn't perform as expected.
-
Analysts' Recommendations and Disclaimers: The article provides recommendations from individual analysts and brokerage firms. However, it includes a disclaimer advising investors to consult certified experts before making investment decisions, emphasizing the importance of due diligence and not solely relying on these opinions.
Understanding these concepts requires a blend of technical analysis expertise, knowledge of financial markets, and the ability to interpret and contextualize information from various sources. If you'd like further details on any specific aspect or have more questions about stock market dynamics, I'd be happy to help!
