Tata Power Company Limited (TATAPOWER) Stock - Complete Technical Analysis - Oct 14, 2024

Tata Power Stock Analysis: Key Support & Resistance Levels ðŸš

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Today, Tata Power Company Limited is trading at 462.30, which is 6.58% below its recent 52-week high of 494.85 and significantly above the 52-week low of 230.8. Recent price action indicates an inside candle pattern formed on October 10, signaling potential consolidation in a range between the parent high of 477.9 and the low of 456.2. Over the past five trading sessions, the stock opened at 463.80 today, and exhibited volatility with a low of 458.35 and a high of 464.80.

Analyzing the technical indicators, we see a balanced Relative Strength Index (RSI) at 54.18, suggesting that the stock is neither overbought nor oversold, but showing signs of stability. The Average Directional Index (ADX) at 20.07 indicates a lack of a strong trend, which reinforces the observation of sideways movement. MACD is positive, hinting at bullish momentum, while the Stochastic oscillator suggests the potential for upward price movement as it hovers around 43.34.

The stock is currently trading just above several key exponential and simple moving averages, indicating support around the 458-462 range. If the price breaks below 456.2, traders should look for further support near 447.51. On the upside, a break above the recent high of 467.35 may lead to testing resistance around 477.9. The presence of gaps in the last few trading sessions, particularly from 441.60 to 460.95, indicates heightened volatility and potential reversal points, suggesting traders should remain alert for sudden price changes.

In summary, Tata Power is showing signs of consolidation with bullish potential but is currently facing resistance. Monitoring support around the 462 level will be crucial for traders to determine their next moves.