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India Infoline recommends Tata Power

India Infoline recommends Tata Power
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First Published: Mon, May 04 2009. 09 50 AM IST
Updated: Mon, May 04 2009. 09 50 AM IST
The stock has been consolidating in a range between the levels of Rs830-900 for last two weeks after recording a spectacular rally from the levels of Rs605 in second week of March 2009.
The stock is in intermediate uptrend and is stalling at the upper-end of the trading range, which is a bullish sign. It is witnessing strong accumulation at current levels, which suggest that it may eventually result into an upward breakout. A break above Rs900 could lead to a fresh directional move in the same direction.
The daily RSI is already in strong buy mode. The stock has closed above all its key daily moving averages.
Keeping in mind the above-mentioned evidences, we recommend high-risk traders to buy the stock between Rs880-905 with a stop loss of Rs870 for target of Rs935.
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First Published: Mon, May 04 2009. 09 50 AM IST
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