Tata Power Share Price Jumps 2.6 Percent; Resistance at Rs 410 on Technical Charts
Tata Power share price jumped 2.6 percent on Friday. The stock has offered 7.6 percent return over the last one week but investors' wealth is down by 16 percent over last six months in this counter. The stock has recently bounced from 52-week lows and we can expect better valuations for Tata Power if the market sentiment remains positive. Amid a volatile energy market landscape, Tata Power is regaining investor interest as it hovers near Rs 375, with analysts eyeing a potential breakout. With a market cap of Rs 1.21 lakh crore, a P/E ratio of 31.83, and a recent target upgrade from Sharekhan, the stock could be setting the stage for a renewed rally. While still trailing its 52-week high of Rs 494.85, Tata Power’s technical structure reveals early bullish signs. As India pivots more aggressively toward renewable infrastructure, the utility giant is uniquely positioned to power portfolios that value long-term growth, backed by sound fundamentals and favorable momentum.
Stock Snapshot: Key Metrics at a Glance
| Metric | Value |
|---|---|
| Current Price | Rs 375 (approx.) |
| Open | Rs 370.35 |
| High | Rs 381.90 |
| Low | Rs 370.25 |
| Market Cap | Rs 1.21 Lakh Crore |
| P/E Ratio | 31.83 |
| Dividend Yield | 0.53% |
| 52-Week High | Rs 494.85 |
| 52-Week Low | Rs 326.35 |
Technical Analysis: Candlestick Chart Patterns
Recent daily charts show a Hammer candle formation following a sequence of red candles—often interpreted as a sign of a potential bullish reversal. The stock has been testing a narrow range between Rs 370 and Rs 382 with decreasing volume, suggesting accumulation at support zones.
Interpretation: A breakout above Rs 383 with volume confirmation could trigger a move toward Rs 400–410 in the short term.
Fibonacci Retracement Levels
Using the 52-week high of Rs 494.85 and low of Rs 326.35, the Fibonacci levels are:
| Fibonacci Level | Price (Rs) |
|---|---|
| 23.6% | Rs 368.89 |
| 38.2% | Rs 396.78 |
| 50.0% | Rs 410.60 |
| 61.8% | Rs 424.42 |
| 78.6% | Rs 445.36 |
Key Insight: With prices hovering near the 23.6% retracement zone, a clean breach above Rs 396.78 (38.2%) would signal a mid-level trend reversal.
Support and Resistance Zones
| Level | Price (Rs) |
|---|---|
| Immediate Support | Rs 370 |
| Major Support | Rs 355 |
| Resistance 1 | Rs 382 |
| Resistance 2 | Rs 410 |
Strategic View: If the stock maintains above Rs 370 and closes above Rs 382, it could climb toward Rs 410. Failure to hold Rs 355 may invite corrective pressure.
Medium to Long Term View on Tata Power: Charging Up for a Renewed Rally?
With its strategic pivot to renewables, strong fundamentals, and a technically sound setup, Tata Power appears poised for a potential re-rating. The recent analyst endorsement only adds to investor confidence. Traders could consider entry above Rs 382 for short-term momentum plays, while long-term investors may see value in accumulating near Rs 370 with a view toward Rs 435 and beyond.
The alignment of technical indicators, institutional backing, and policy momentum makes Tata Power a bright spot in India’s energy transformation story.
