Market expert Anshul Jain, Head of Research at Lakshmishree Investment & Securities, recently shared his stock-specific views on Tata Power Company Ltd and Adani Power Ltd during BTTV's 'Daily Calls'. Jain provided crucial levels for investors to monitor, offering guidance amidst market fluctuations.
On the broader market, Jain noted that the benchmark Nifty50 would require a decisive move above the 23,555 level to signal a potential bear-trap formation.
Tata Power Shares: Bullish Outlook
Despite a recent correction following its quarterly earnings, Jain maintained a bullish outlook on Tata Power. The stock had previously reached an all-time high of Rs 464.80 last month before experiencing a pullback.
"A close above Rs 417 can revive momentum and potentially take the stock towards Rs 493," Jain stated.
He advised long-term investors to continue holding their positions. However, short-term traders might want to avoid aggressive positions due to limited immediate trading moves in the stock. Tata Power shares recently slipped 3.36 percent to close at Rs 404.35.
Adani Power Shares: Cautious Short-Term Approach
For Adani Power, Jain recommended a more cautious short-term strategy. He suggested that the stock might experience a pullback towards the Rs 180 level.
"Investors can consider buying around Rs 180 or once the stock regains its 50-day moving average," Jain advised.
Adani Power shares, meanwhile, saw a positive movement, climbing 2.05 percent to close at Rs 213.90.
Disclaimer: The views and advice expressed in this article are solely by market analysts and investment experts. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions. Business Today provides stock market news for informational purposes only and should not be construed as investment advice.