Business Daily from THE HINDU group of publications
Thursday, Nov 20, 2008
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Business Daily from THE HINDU group of publications Thursday, Nov 20, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Power Markets - Recommendation
We recommend a sell in National Thermal Power Corporation from a short-term horizon. From the charts of NTPC, we note that it has been on a long-term downtrend since its life-time high of Rs 291 (January peak). However, the stock found support at Rs 113, a 52-week low recorded in late October and began to move up. The stock’s up move did not last long and it encountered significant resistance at Rs 165 and resumed the downtrend recently. The downtrend of the stock began to strengthen as it penetrated the 21-day moving average by declining almost 8 per cent on November 18. We observe that the daily relative strength index has entered in the bearish zone and the weekly RSI also re-entered this zone. We are bearish on the stock from a short-term perspective. We expect the stock’s current decline from the resistance level of Rs 165 to prolong further until it hits our price target of Rs 120 in the upcoming trading sessions. Traders with short-term perspective can sell the stock while maintaining a stop-loss at Rs 144. ‘NTPC southern plants doing well’ NTPC pays Rs 590.37 cr dividend to Govt NTPC Q2 net up 10% More Stories on : Power | Recommendation | NTPC Ltd
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