Stock market today: Ahead of the announcement of Q3 results today, Tata Power shares witnessed selling pressure in the early morning session. Tata Power’s share price today opened 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, registering over 5 percent decline in the morning session.
According to stock market experts, the slide in Tata Power’s share price today is normal profit booking as the entire trend of Dalal Street is sideways to weak. Energy and power stocks have given strong improvement in the recent bull trend and therefore profit-booking in the market has put stocks of these sectors under pressure. They said Tata Power’s core business is performing well and they have diversified into alternative energy like rooftop solar power, etc., which is also expected to fuel their revenue. Market experts said any dip in Tata Power shares is an opportunity for downside fishing as the company is expected to beat market estimates in its Q3FY24 results.
Tata Power Q3 results 2024 preview
Predicting better than expected results of Tata Power in Q3FY24, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Tata Power’s core business is performing well and it has recently forayed into alternative energy business like rooftop solar business and other renewable energy business. This is expected to fuel the company’s revenue and margins and hence I expect better than expected Tata Power Q3 results today.”
Tata Power share price target
Advising on a buy strategy for Tata Power shareholders, Ganesh Dongre, senior manager — Technical Research at Anand Rathi said, “Tata Power stock looks 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 share and continue to accumulate on every big dip by keeping a stop loss at. ₹330. For fresh investors, ₹360 to ₹370 would be a good buy zone keeping a stop loss at ₹330 per share level.”
Anand Rathi’s expert claimed that Tata Power’s share price may bounce back and touch ₹420 to ₹440 levels if the ₹3330 for equity support remains sacred.
Disclaimer: The views and recommendations above are those of individual analysts, experts and trading companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 09 Feb 2024, 11:49 IST