The short-term outlook is bullish for NHPC. The stock has formed an inverted head and shoulder pattern. This is a bullish pattern. Also, the rise since mid-March this year has been happening in a bull channel. Strong support is around ₹95. The neckline of the inverted head and shoulder pattern and the channel support are poised around this level. That will make it difficult for the stock to decline below ₹95. NHPC share price can rise to ₹110 in the next few weeks. Traders can go long now at around ₹99. Accumulate on dips at ₹96. Keep the stop-loss at ₹92 initially. Trail the stop-loss up to ₹102 as soon as the stock moves up to ₹104. Move the stop-loss further up to ₹105 when the price touches 107. Exit the stock at ₹109.
Today’s Stock Recommendation: 6th May 2024
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)