Coal India share price climbed 3% in morning trade on the BSE on Tuesday, 22 September, after global financial firm Morgan Stanley reportedly upgraded the stock and raised its target price. Coal India shares opened at ₹422.90 against their previous close of ₹414.50 and rose by 3% to their intraday high of ₹426.75.
The stock witnessed healthy buying interest after Morgan Stanley upgraded the stock to an ‘overweight’ and raised the stock’s price target to ₹480, according to CNBC-TV18.
According to CNBC-TV18, the global financial firm expects rising thermal power demand, de-stocked plant inventories, and rising coal prices to support the company’s volume growth and expansion of e-auction premiums.
Morgan Stanley has raised Coal India’s FY27 EPS estimate by 20% after revising volume and e-auction premium assumptions, CNBC-TV18 reported.
Coal India share price trend
Coal India shares are up 6% this year so far compared with a 12% fall in the Sensex. The stock hit a 52-week high of ₹490.90 on 30 April this year after hitting a 52-week low of ₹369.55 on 25 November last year. On a monthly scale, it is up 6% so far in September, looking set to snap its four-month losing run.
Is it the right time to buy Coal India shares?
Recently, on 9 September, domestic brokerage firm Equirus Securities upgraded the stock to an “add” from a “reduce”, fixing a December 2027 target price of ₹450.
Equirus said normalising pithead inventories and tightening power plant stocks create a favourable setup for e-auction pricing.
“With power plant inventory rebuilding typically taking 6–9 months, we expect coal availability to remain tight and e-auction premiums elevated through end-FY27E. We factor in a nearly 80% e-auction premium for FY27E, with upside risk during the seasonally stronger October–March period,” said Equirus.
On the technical front, according to Vipin Kumar, AVP-Research at Globe Capital Market, the ongoing retracement from its all-time highs found support around its previous price swing low, which also coincided with its two-year exponential moving average at ₹386.
Kumar underscored that on 22 September 2026, the stock formed a fresh buying pivot on the daily chart. Considering its current chart structure, Kumar advises traders to accumulate the stock in the ₹410– ₹420 range, with a closing stop-loss at ₹385, for price targets of ₹475 and higher in the near term.
According to Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, Coal India has shown a meaningful recovery from the ₹400– ₹405 zone and has managed to sustain above the 45-WMA, currently placed around ₹414, indicating improvement in the underlying price structure. Momentum has also strengthened, with the daily RSI rising to 57, suggesting a positive shift in buying interest.
However, Patel added that the stock is currently approaching an important resistance zone around ₹435, which has acted as a supply area in the recent past.
“A decisive breakout and sustained daily close above ₹435 would confirm a breakout from the ongoing consolidation and could trigger a major up move in the stock,” said Patel.
“On the downside, the 45-WMA around ₹414 is likely to act as an immediate support, while ₹400– ₹405 remains a crucial base. Therefore, traders should closely monitor the ₹435 level, as a sustained breakout above this zone could open the way for the next leg of the upward movement,” said Patel.
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Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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