Chart Check: Breakout from falling trendline makes Tata Power an attractive short-term buy

Tata Power’s stock price broke out above a falling trendline resistance on the daily charts, giving it room to head towards Rs 217 in the short term. The stock had previously witnessed support above Rs 190 in June 2022 and hit a new low of Rs 182 on March 28, 2023, before bouncing back. The stock is currently trading above crucial short-term moving averages such as 5, 10, 30, and 50-DMA, but below the long-term averages of 100 and 200-DMA on the daily charts. The Relative Strength Index is at 59.3, indicating a trend reversal to signal a buy.