Tata Power Stocks See Modest Rise Amid Mixed Market Performance

On October 9, 2024, Tata Power shares witnessed a slight increase of 0.99%, trading at ₹460.9 by 4:00 PM, compared to the previous closing price. This occurs in the context of the Sensex trading at ₹81,467.1, which marks a decrease of 0.21% from the previous close.

Throughout the day’s trading session, Tata Power shares fluctuated, registering a high of ₹470.3 and a low of ₹452.65. From a technical standpoint, the stock is trading above its 20, 50, 100, and 300-day Simple Moving Averages (SMA) but is below the 5 and 10-day SMA. These indicators reflect potential critical support and resistance levels based on the SMA values, which are ₹468.63 for 5-day and ₹469.43 for 10-day SMAs, respectively.

According to classic pivot level analysis, the stock faces resistance at ₹469.77, ₹478.98, and ₹487.57, while support levels are noted at ₹451.97, ₹443.38, and ₹434.17. The volume of shares traded increased by 30.12% on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), compared to the previous session, indicating a significant interest in the stock.

Market analysts from Mint report initial signs of a trend reversal after a robust uptrend period for Tata Power. From a fundamental perspective, the company shows a Return on Equity (ROE) of 12.09% and a current Price to Earnings (P/E) ratio of 39.60. Future projections suggest a median one-year forecasted upside of 8.87% with a target share price of ₹420.00.

Current holdings data from the June quarter reveal a promoter holding of 46.86%, mutual fund holding of 7.90%, down from 9.61% in March, and a Foreign Institutional Investors (FII) holding increase to 9.50% from 9.44% in March.

In comparison to its industry peers, Tata Power’s performance is mixed. While Adani Green Energy, Adani Power, and Adani Energy Solutions saw declines on the same day, JSW Energy experienced gains. More broadly, the benchmark indices Nifty and Sensex are down by 0.12% and 0.21%, respectively.