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Shares of power producer NTPC hit over 1-year low, and technicals suggested more downside. The stock plunged as much as 2.51 per cent to Rs 153.35, its lowest since May 29, 2017.
The index broke below a support at Rs 157.1, the 38.2 per cent Fibonacci retracement level of the uptrend from August 25, 2015 low to October 27, 2017. The stock may now move towards Rs 147.52, the 50 per cent retracement level.
Trend Intensity indicator jumped to 25, suggesting that the stock is in a downtrend. MACD is also negative and below its signal line. NTPC stock was down 11.13 per cent this year as of Friday's close, while the NSE index was up 2.76 per cent in the same period.
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