Trading ideas by Ventura Securities: Buy Tata Power, Larsen & Toubro

Tata Power's stock has the strength to achieve a target of 140-160 in the coming days

BUY TATA POWER

CMP: Rs 110

TARGET: Rs 140-160

BUY AREA: (Rs 105-102)- Rs 100-( Rs 98-96)

STOP LOSS: Rs 88

Rationale: A double-bottom formation at the 52 area in September-October 2020 pushed Tata Power steadily to 115 in March 2021. Valid corrective profit-booking followed and the stock made a low of 90 in April 2021. It continued its uptrend and recently, on May 10, 2021, the stock gave a breakout to form a downward sloping trend line and gave a higher weekly close at 110, supported by volumes. The KST, Demand Index and Vortex Indicator suggest the possibility of