In line with the government’s focus on reducing emissions and dependence on fossil fuels, analysts expect a raft of support for infrastructure development for electric vehicles and green energy generation in the upcoming Budget on February 1. Here's how the enery related shares look on charts a day ahead of the Union Budget 2022.
Tata Power Co. Ltd (TATAPOWER)
Outlook: Consolidation range
The shares of Tata Power Ltd are trading in a tight range of Rs 255 to Rs 200 levels since November 2021. A decisive move out of this range would determine the next course of action. This consolidation breakout may offer up to Rs 100 points rally in the respective direction.
On a broader perspective, as long as the 100-day moving average (DMA) currently placed at Rs 210 does not get violated on consecutive negative closings, the trend stands on the bullish side.
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Adani Green Energy Ltd (ADANIGREEN)
Likely target: Rs 2,200
Upside potential: 15%
As of now, the shares of Adani Green have surged 45% per cent in the January 2022. This upside has witnessed bullish sentiment in the overbought category of the Relative Strength Index (RSI), an indicator that determines the inner strength of the stock. The rise in the volumes on the breakout above Rs 1,500 has seen continued jump in maximum sessions, as per the daily chart.
In the medium-term scale, the stock retains the bullish outlook above Rs 1,500 and any correction could see the addition of more longs. As per the weekly and daily chart, the immediate accumulation range falls around Rs 1,700 to Rs 1,600 levels.
Furthermore, sustainability above Rs 1,900 may open doors for an upside towards Rs 2,200 levels.
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