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The uptrend in NTPC is gaining momentum. The 2.62 per cent rise on Thursday indicates the beginning of a new leg of upmove. This rise has happened after a prolonged four-week sideways consolidation since the beginning of May. The 21-Week Moving Average, currently at ₹173 has limited the downside all through this consolidation phase. Now, supports are at ₹180 and ₹178. They can limit the downside in case any intermediate dip happens.
NTPC stock price can rally to ₹200-205 over the next three-four weeks. Traders can go long at current levels. Accumulate on dips at ₹181 and ₹179. Keep the stop-loss at ₹172. Trail the stop-loss up to ₹185 as soon as the stock moves up to ₹189. Move the stop-loss further up to ₹192 when the price touches ₹195. Exit the long positions at ₹198.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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