Jamna Auto, Tata Power flash bullish breakout signals on charts

Tata Power is witnessing some aggressive buying traction. The stock is poised to re-test its peak in the coming months

BUY JAMNA AUTO NEAR Rs 108 | TARGET: Rs 120 | STOP LOSS: Rs 102

On the daily scale, we are witnessing a strong range breakout in JAMNAAUTO above 108-mark. The price action is supported with rise in volumes, and RSI is getting into a positive terrain. In addition, the stock has managed to sustain above its 200-day SMA. Thus, we advise traders to go long in the stock in the range of Rs 109 – 107 with a stop loss of Rs 102 for the upside target of 120 in 1 – 3 weeks.

BUY TATA POWER NEAR Rs 228 | TARGET: Rs 244 | STOP LOSS: Rs 220

After quite some time, we are witnessing some aggressive buying traction in TATA POWER. On the daily chart, we are witnessing a bullish breakout above 228 mark. The stock has managed to reclaim its long term moving average. It seems that the stock is poised to re-test its peak in the coming months. Thus, we advise traders to go long in the stock near Rs 228 with a stop loss of Rs 220.

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Disclaimer: Mehul Kothari is AVP – Technical Research at Anand Rathi Shares & Stock Brokers. Views are personal.