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Shares of NTPC has gained as much as 2.72 per cent to ₹145.2, their highest since September 18, 2018
The stock broke above a resistance at ₹144.23, the 61.8 per cent Fibonacci projection level on the uptrend from February 13 low to March 26 high. A close above this level may lead to further rise towards a resistance at ₹149.39, the 76.4 per cent projection level, in the near term.
The wave pattern suggests that the index is in the third wave, typically the longest wave of a five-wave uptrend.
The trend intensity(TI) indicator rises two points to 22, suggests that prices are trending upwards. The MACD is positive and above its signal line, seen favourable for the index.
The stock up 13.8 per cent this year, as of last close, compared with the broader NSE Index's 8.5 per cent gains in the same period.
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