The short-term outlook is bullish for NHPC. The stock had risen above the psychological ₹100-mark last week and has been continuing to hold well above it. The sharp bounce from the low of ₹102.10 on Wednesday indicates the presence of strong buyers at lower levels. Indeed, this bounce had happened from just above the 21-day moving average support which is at ₹101.85. Cluster of supports are there in the ₹103-100 region.
NHPC share price can rise to ₹119-120 in the next few weeks. Traders can go long now at around ₹109. Accumulate on dips at ₹104. Keep the stop-loss at ₹101 initially. Trail the stop-loss up to ₹111 as soon as the stock moves up to ₹114. Move the stop-loss further up to ₹114 when the price touches ₹116. Exit the long positions at ₹118.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)