Top News: Tata Power Share Price Analysis on 20th April 2024 🔥💰
Sensex and Nifty continued their fifth consecutive day of decline on Friday, 19th April. The escalating tension in the Middle East has weakened investor sentiment.
Gaurav Savant, AVP at GEP Capital, stated that Nifty index has strong support at levels of 21,700 and then 21,500. Immediate resistance for the benchmark index could be around 22,500. He also recommended three shares that could potentially give investors returns of up to 22% in the short term.
1. Stock Recommendation: Sambhavna Madarson International
- Buy recommendation with a target price of ₹152 and a stop loss of ₹116.
- Potential return of up to 20% in a short period.
2. Stock Recommendation: Kanjarveshan Madarson
- Strong momentum and trading near its 52-week high levels.
- Recommendation to buy around ₹126.
3. Stock Recommendation: Bharti Airtel
- Target price of ₹1,480 with a stop loss at ₹1,163.
- Potential return of up to 17% in a short period.
4. Stock Recommendation: Tata Power Company
- Buy recommendation with a target price of ₹528 and a stop loss of ₹400.
- Potential return of up to 22% in a short period.
Tata Power shares have shown growth from May 2020 to April 2022, followed by a gradual decline. However, the stock broke out of a downtrend line in May 2023 and has been moving upwards since then.
Furthermore, the stock is trading above its 20★and 50-week EMA and has a consistently strong RSI above 60, indicating a strong rally. Considering this technical structure, it is recommended to buy the stock around ₹430.
Disclaimer: This is News Coverage with Opinions of Experts and Should Not Be Taken as Direct Market Buying Tip. Market is always subject to risk. We recommend taking our content as research before investing.
