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I own shares of Tata Power at ₹62. Is it the right time to book profits, since the share crossed ₹100 recently?
Arunachalam
Tata Power Company (₹113.2): The stock of Tata Power Company has been on an uptrend across all time-frames — long, medium and short terms. It recently breached a key resistance at ₹100 and continued to trend upwards. Last week, the stock gained 5 per cent with good volume.
Both the daily as well as the weekly RSIs are featuring in the overbought territory, indicating that a near-term correction is likely.
Moreover, the stock faces a significant resistance ahead in the band between ₹115 and ₹120, from which it had reversed downwards earlier.
Hence, you can consider booking partial profits at this juncture and stay invested with a stop-loss at ₹80.
A breakthrough of ₹120 can take the stock northwards to ₹130 and then to ₹140 levels. The key supports below ₹100 are placed at ₹90 and ₹80 levels.
Send your queries to techtrail@thehindu.co.in
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