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Investors with a short-term perspective can consider buying the stock of Tata Power Company at current levels.
On Monday, the stock gained 5.5 per cent accompanied with an above average volume, breaching a key resistance at ₹73.
After a medium-term downtrend, the stock recorded a 52-week low at ₹66.6 on July 23 and found support at this level. Recently, the stock tested the key support at ₹67 again and bounced up strongly.
The stock has been in a near-term uptrend over the past one week. There is an increase in daily volume. Moreover, the recent rally has decisively breached its 21- as well as 50-day moving averages and trades well above them. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI feature in the neutral region. The daily price rate of change indicator feature in the positive territory implying buying interest.
Overall the short-term trend is up for the stock of Tata Power. Short-term targets are ₹79 and ₹80.5. Traders can buy the stock with stop-loss at ₹73.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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