Tata Power Co. Ltd. - Technical Overview

Target Price: ₹560 (As per Nomura's analysis)

Price Action: The stock is currently trading at ₹456.90 (+3.54% for the day). It has been in a steady uptrend, following a clear rising channel since early 2024, supported by both the 50-day and 200-day moving averages, which indicates long-term bullish momentum.

Key Levels:

• Support: ₹435.50 (currently a strong support level near the lower trendline)
  
• Resistance: ₹507.40 (the recent upper boundary of the trend channel)
  
• Target Price: ₹560 (suggested by Nomura)
  

Trend Channels:

• The stock has formed a well-defined ascending channel, where the price tends to respect both the upper and lower boundaries.
  
• Recent pullbacks toward ₹435.50 suggest that the stock is consolidating before a potential bounce toward ₹507.40, and possibly ₹560 in the medium term.
  

Price Momentum:

• RSI: The Relative Strength Index (RSI) suggests that the stock is not in overbought or oversold territory, signaling healthy price momentum.
  
• Volume: Notice the spike in volume during price rallies, reflecting strong market interest and confirmation of price movements.
  

Outlook:
Given the current market setup, Tata Power is showing signs of continued bullish momentum within its trend channel. A move beyond ₹507.40 could trigger further buying, pushing the stock towards ₹560 in the medium term. Any price retracements to the ₹435 level can be seen as a potential buying opportunity, given the channel support.

Chart Details:

• Green Lines: Support and resistance levels.
  
• Blue Channels: The stock’s rising trend, representing medium-term bullish momentum.
  
• Volume: Key volume spikes highlight investor activity during price jumps.