On Monday, Tata Power shares continued to rise, recording an intraday high of ₹447.65 per share on the NSE, marking a third straight session of gains. This indicates a slow and steady upward movement. On Monday, however, the Tata Group stock reached a new lifetime high in addition to rising to its intraday high.
Tata Power Shares Surge; Solid Quarterly Performance
Stock market experts claim that because demand for Tata Power shares has increased during the current summer, the market is placing large bets on the company’s shares. They stated that the demand for Tata Power shares has increased because it is anticipated that Tata Power Ltd. will report solid quarterly results in the upcoming two to three quarters.
They stated that Tata Power shares have broken out again at ₹443 a share and that, in the near future, they should reach ₹460 to ₹470 a share.
Avinash Gorakshkar, Head of Research at Profitmart Securities, explained why the company’s shares have been rising steadily: “The market is anticipating strong quarterly numbers from Tata Power in the next two to three quarters due to a rise in demand for electricity during the summer.” Tata Power and many other power-producing companies are expected to generate higher volume during this high-demand season as the demand for electricity is expected to rise. Therefore, the market is undervaluing the company’s increasing demand and business volume in the upcoming quarters.”
Tata Power’s Bullish Trajectory; Investment Strategies
Anticipating more gains in Tata Power’s stock, Senior Manager of Technical Research at Anand Rathi, Ganesh Dongre, stated: “The price of Tata Power shares has been rising steadily, and it made a new high today at ₹443 each. The stock appears to be in a strong chart pattern, and investors should view any dip in the stock as a chance to purchase.”
According to the Anand Rathi expert, Tata Power shares have established a solid base at ₹425 and are confronting resistance in the ₹460 to ₹470 region. Nonetheless, the stock’s chart pattern appears promising, and in the near run, its current support level might continue to be a solid foundation. With a short-term target of ₹460 to ₹470 per share, he advised positional investors to purchase Tata Power shares at the current price while keeping a stop loss at ₹425.
Ganesh Dongre of Anand Rathi made the following recommendation to Tata Power shareholders: “Tata Power shareholders can maintain buy-on-dips strategy till the stock is above ₹425 level.”
Among the multibagger stocks in the Tata group are shares of Tata Power. In less than a year, this multibagger stock has increased from almost ₹200 to ₹447 per share, giving its positional shareholders a return of more than 120 percent.
