Tata Power shares hit lifetime high despite 120% rally in one year. Do you own?

Why are Tata Power shares skyrocketing?

Speaking connected the crushed for the continuous rally successful Tata Power shares, Avinash Gorakshkar, Head of Research astatine Profitmart Securities said, "Tata Power shares are rising due to the fact that the marketplace is expecting beardown quarterly numbers from the institution successful the adjacent 2 to 3 quarters owed to emergence successful request for energy during summertime season. As energy request is expected to increase, Tata Power and galore different power-producing companies are expected to make higher measurement during this high-demand season. So, the marketplace is discounting connected that rising request and concern measurement of the institution successful coming quarters."

Tata Power stock terms target

Expecting further upside successful Tata Power shares, Ganesh Dongre, Senior Manager — Technical Research astatine Anand Rathi said, "Tata Power shares person been continuously rising and Tata Power stock terms contiguous gave a caller breakout astatine ₹443 apiece. The banal is looking beardown connected illustration signifier and immoderate dip successful the banal should beryllium seen arsenic a buying accidental by investors."

The Anand Rathi adept maintained that Tata Power shares person made a beardown basal astatine ₹425 and connected the precocious side, it is facing a hurdle successful the ₹460 to ₹470 zone. However, the banal is looking affirmative connected the illustration signifier and its existent enactment whitethorn stay a sacrosanct basal successful the abbreviated term. He advised positional investors to bargain Tata Power shares astatine the existent terms maintaining a halt nonaccomplishment astatine ₹425 for a short-term people of ₹460 to ₹470 per share.

On the proposition to the Tata Power shareholders, Ganesh Dongre of Anand Rathi said, "Tata Power shareholders tin support buy-on-dips strategy till the banal is supra ₹425 level."

Tata Power stock terms history

Tata Power shares are 1 of the multibagger stocks that beryllium to the Tata radical stocks. This multibagger banal has risen from astir ₹200 to ₹447 apiece levels, delivering much than 120 percent instrumentality to its positional shareholders successful 1 year.

Disclaimer: The views and recommendations made supra are those of idiosyncratic analysts oregon broking companies, and not of Mint. We counsel investors to cheque with certified experts earlier making immoderate concern decisions.

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Published: 29 Apr 2024, 02:59 PM IST