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.
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Published: 04 May 2023, 10:46 AM IST
