Tata Power Elliottwave Count : CMP 90.35
Tata Power is in large scale triangle (not shown). Within this triangle, 5 waves are visible to the upside from 81.60 to 96.90.
This is a high probability trade setup.
We will now be trading for wave 3 which should reach 107-109. 61.8% Fibonacci retracement of this 5 wave move works out at approx 87 which makes a decent entry point. Risk management level must be maintained at 81. Cautious traders could wait for a further small 5 wave up as further confirmation before entry.
This is not a buy and hold trade. It is a trade lasting a few weeks. Once target is achieved, then exit is required.