- Three energy stocks, Tata Power, Power Grid Corporation of India, and Coal India Ltd, experienced a decisive breakout in the technical chart pattern despite sharp selling last Friday.
- However, to the surprise of stock market observers and investors, all three breakout stocks today plunged, putting a dent in investors’ hopes.
- Experts believe that a quality stock will always remain quality, attributing the fall in these shares to the high volatility in the Indian stock market today.
Despite a surprising plunge, experts remain confident in the quality of breakout stocks Tata Power, Power Grid Corporation of India, and Coal India Ltd, attributing the fall to high market volatility.
Breakout Stocks Today
Aditya Gaggar, Director of Progressive Shares, analyzed the Nifty 50 and Bank Nifty chart after the Friday sessions. He noted a trend reversal in the Index with a negative divergence in the RSI. He also highlighted the breakout patterns of the three energy stocks.
Breakout Stocks to Buy Today
Avinash Gorakshkar, Head of Research at Profitmart Securities, reassured investors about the quality of the three breakout stocks. He advised investors to consider adding Tata Power and Coal India Ltd to their stock portfolio, citing potential bottom fishing opportunities due to the recent market volatility.
Tata Power Share Price Target
Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, provided an outlook for the Tata Power shares. He advised investors to hold the scrip, maintaining a stop loss at ₹420, with a potential rise to ₹485 to ₹490 apiece level once it breaches its current resistance.
Coal India Share Price Target
Dongre also advised Coal India shareholders to hold the scrip, maintaining a stop loss at ₹430 apiece level. He predicted that the stock could touch ₹520 to ₹525 per share level in the short term once it breaches its current resistance.
Conclusion
Despite the surprising plunge of the three breakout stocks, experts remain confident in their quality and potential for growth. Investors are advised to consider adding these stocks to their portfolio, taking into account the current market volatility and the advised stop loss levels.
