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The short-term outlook is bullish for NTPC. The stock has begun the week on a positive note by rising over 3 per cent on Monday. The stock has strong support in the ₹400-₹395 region. The price action since the first week of June has been in the form of a bullish channel.
The chances are high now for the stock to move up towards the upper end of the channel. NTPC share price can rise towards ₹450 – the upper end of the channel, in the next few weeks. Traders can go long now at ₹415. Accumulate on dips at ₹405. Keep the stop-loss at ₹390 initially. Trail the stop-loss up to ₹420 as soon as the stock moves up to ₹428. Move the stop-loss further up to ₹438 when the price goes up to ₹445. Exit the long positions at ₹450.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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