Stocks to buy or sell: Tata Power, Coal India and Power Grid — these three shares dip post-breakout. Should you buy?

Breakout stocks today

Explaining the Nifty 50 and Bank Nifty illustration aft the Friday sessions, Aditya Gaggar, Director of Progressive Shares, said, "Both the timeframes i,e, Weekly (DOJI) and Daily (Bearish Engulfing) bespeak a inclination reversal successful the Index with a antagonistic divergence successful the RSI. We judge the Index is apt to oscillate successful the scope of 22,160- 22,770. With a Shooting Star candlestick pattern, Bank Nifty reversed from the higher extremity of the rising channel, suggesting a correction. The Auto and Metal counters are moving connected expected lines, boosting our assurance to stay bullish connected the same. From the Energy segment, Coal India- Inverted Head & Shoulder Breakout, PowerGrid- Symmetrical Triangle Breakout, Tata Power-Flag, and Pole Breakout."

Breakout stocks to bargain today

Following the autumn successful each 3 breakout stocks, Avinash Gorakshkar, Head of Research astatine Profitmart Securities, reassured investors, "All 3 breakout stocks are quality. From a cardinal perspective, Tata Power and Coal India Ltd are prime stocks, and 1 tin see adding them to their banal portfolio. The caller volatility successful the Indian banal market, with the India VIX surging to 13 percent, has created imaginable bottommost sportfishing opportunities. For those looking to capitalize connected this, Coal India shares could beryllium a bully stake successful the PSU segment, portion Tata Power shares are looking promising successful the powerfulness and vigor segment."

Tata Power stock terms target

On the outlook for the Tata Power shares, Ganesh Dongre, Senior Manager — Technical Research astatine Anand Rathi, said, “Tata Power shares person a beardown basal astatine ₹420 apiece whereas it is facing absorption astatine ₹420 per share. Those with this vigor banal successful the portfolio are advised to clasp the scrip, maintaining a halt nonaccomplishment astatine ₹420. The banal is facing absorption astatine ₹465. Once it breaches this hurdle, it whitethorn spell up to ₹485 to ₹490 apiece level."

Clear guidance for Tata Power shares: Ganesh Dongre of Anand Rathi advises caller investors to see buying Tata Power shares astatine the existent level, with a short-term people of ₹485. However, helium cautions that a strict halt nonaccomplishment astatine ₹420 should beryllium maintained for immoderate caller position. This wide people terms and halt nonaccomplishment level supply investors with a wide strategy for their investment.

Coal India stock terms target

Advising Coal India shareholders to clasp the scrip, Ganesh Dongre said, “Coal India shareholders are advised to support halt nonaccomplishment astatine ₹430 apiece level. The banal faces absorption astatine ₹485 to ₹490 per stock level. Once it breaches this hurdle connected a closing basis, we tin expect the vigor PSU banal to interaction ₹520 to ₹525 per stock level successful the abbreviated term."

On the proposition of the caller investors, Ganesh Dongre said, "Fresh investors tin bargain the banal astatine CMP portion maintaining halt nonaccomplishment astatine ₹400 per stock level. One tin support the buy-on-dips strategy until Coal India shares are supra ₹400. On decisively breaching the ₹490 hurdle, we tin expect the Coal India stock terms to interaction the ₹8520 to ₹525 per stock mark."

Disclaimer: The views and recommendations provided successful this investigation are those of idiosyncratic analysts oregon broking companies, and not Mint. We powerfully counsel investors to consult with certified experts earlier making immoderate concern decisions, arsenic marketplace conditions tin alteration rapidly and idiosyncratic circumstances whitethorn vary.

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Published: 06 May 2024, 12:17 PM IST