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Business News/ Markets / Stock Markets/  Tata Power shares dip 5% ahead of Q3 results today. Opportunity to buy?
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Tata Power shares dip 5% ahead of Q3 results today. Opportunity to buy?

Q3 results today: Tata Power may surprise markets as it is expected to give better-than-estimated market results for the Q3FY24 period, say experts

Stock market today: Tata Power shares have strong support at ₹330 and the scrip is looking positive on the monthly chart pattern, say experts. (Photo: Bloomberg)Premium
Stock market today: Tata Power shares have strong support at 330 and the scrip is looking positive on the monthly chart pattern, say experts. (Photo: Bloomberg)

Stock market today: Ahead of the announcement of Q3 results today, Tata Power shares witnessed selling pressure in the early morning session. Tata Power share price today opened upside at 412.90 and touched a new lifetime high. However, profit-booking was soon triggered and the energy stock touched an intraday low of 385 apiece on NSE, logging over a 5 percent dip in the morning session.

According to stock market experts, the slide in Tata Power share price today is normal profit-booking as the entire Dalal Street trend is sideways to weak. Energy and power stocks have given a strong upside in the recent bull trend and hence profit-booking in the market has put shares of these sectors under pressure. They said that the core business of Tata Power is doing well and they have diversified in alternative energy like roof-top solar energy, etc., which is also expected to fuel their revenue. Market experts said that any dip in Tata Power shares is an opportunity for bottom fishing as the company is expected to beat market estimates in its Q3FY24 results.

Tata Power Q3 results 2024 preview

Predicting better-than-expected Tata Power results in Q3FY24, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "The core business of Tata Power is doing well and it has recently forayed into alternative energy business like rooftop solar energy business and other renewable energy business. This is expected to fuel revenue collection and margins of the company and hence I am expecting better-than-expected Tata Power Q3 results today."

Tata Power share price target

Advising a buy-on-dips strategy for Tata Power shareholders, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi said, "Tata Power shares are looking positive on the monthly chart. It is currently trading in 330 to 440 range. So, those who have Tata Power shares in their stock portfolio, are advised to hold the scrip and keep on accumulating on every big dip maintaining a stop loss at 330. For fresh investors, 360 to 370 would be a good buying zone maintaining stop loss at 330 per share level."

 

The Anand Rathi expert maintained that Tata Power share price may bounce back and touch 420 to 440 levels if the 3330 per share support remains sacrosanct.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 09 Feb 2024, 11:49 AM IST
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