TATA POWER

According to my opinion, Tata Power looks bearish if it brokes the 44-EMA line. It is also at its crucial support. For now, it is forming a descending triangle formation if the next candle breaches the 44-EMA line or the present 215 level and gives a close below it on the daily chart, an initial target of around 200 is placed (which might act as a strong support). For upside movement, the candle has to close above the 44-EMA, 50-MA and the downward trend line. If it nullifies this pattern (which is highly unlikely), Tata Power will move towards 228 levels.

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