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Tata Power

Author: Srinivas Krishnan Bobba/Wednesday, November 18, 2020/Categories: Exclusive

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Tata Power

Tata Power Ltd (NSE: TATAPOWER) is an Indian electric utility company based in Mumbai, Maharashtra, India, and is a part of the Tata Group. The core business of the company is to generate, transmit and distribute electricity. With an installed electricity generation capacity of 10,577 MW, it is India’s largest integrated power company. Tata Power has operations in India, Singapore, Indonesia, South Africa, and Bhutan. Tata Power Group has its operations based in 35 locations in India. The thermal power stations of the company are located at Trombay in Mumbai, Mundra in Gujarat, Jojobera, and Maithon in Jharkhand, Kalinganagar in Odisha, Haldia in West Bengal, and Belgaum in Karnataka. The hydro stations are located in the Western Ghats of Maharashtra and the wind farms in Ahmednagar, Supa, Khanke, Brahmanwel, Gadag, Samana, and Visapur. The company installed India’s first 500 MW unit at Trombay, the first 150 MW pumped storage unit at Bhira and a flue gas desulphurization plant for pollution control at Trombay. It has generation capacities in the States of Jharkhand and Karnataka, and a distribution company in Delhi, servicing over one million consumers spread over 510 square km in North Delhi. The peak load in this area is about 1,150 MW.

On the technical front, TATAPOWER has higher highs and higher lows on the daily charts and is currently placed above the long-term supports. In the recent past, after clocking the high of Rs63.25 level, the stock has witnessed a round of profit booking, which dragged the counter below the long-term moving average of 100-DEMA on the daily charts. At the current juncture, the stock is forming a base around Rs50 levels on the lower side and is all set to move higher. The overall chart structure of the counter looks bullish at the current levels forming higher highs and higher lows. This may trigger a fresh round of buying which may take the stock towards Rs63 plus levels. The stock’s performance is in line with the broader markets indicating the inherent strength in the counter and is trading well above the long-term support levels. On the Bollinger band (20,2), the stock price is plotting above the mean indicating the price likely to trend higher. Analyzing the recent volume price action, the volumes have been encouraging in the recent up move indicating strong hands have started accumulating the stock at current levels. On the oscillator’s side, RSI (14) is trading in a comfortable zone of above 50 levels indicating the bullishness in the stock. We expect the counter to continue its outperformance in the coming trading weeks as well and may move towards 65 levels in the short term. Any correction towards the recent support levels of Rs52.25 level may be utilized to average the positions.

Srinivas Krishnan Bobba, Deputy Manager (technical research analysis) Karvy Stockbroking Ltd


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The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

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