Shares of NTPC Ltd gain as much as 2.5 per cent to ₹141.9, their highest since March 26. The stock breaks a resistance at ₹140.06, the 50 per cent Fibonacci projection level on the uptrend from February 13 low to March 26 high.
At 10.20 am, the stock of NTPC was trading 1.58 per cent higher at ₹141.10.
The breakout suggests, in a couple of days, stock may test the next resistance at ₹144.23, the 61.8 per cent projection level. The stock had cut above its parabolic SAR on Monday, seen supportive of further gains.
MACD turns positive and is above its signal line. Wave pattern suggests the stock is in the third wave; typically the longest wave of a five-wave uptrend.
The stock is up 11.47 per cent this year, as of last close, compared with the broader NSE Index's 8.6 per cent gains in the same period.