The short-term outlook for the stock of NTPC is bullish. The stock has moved up very well over the last two weeks. Cluster of supports are in the ₹170-₹167 region. A fall below ₹167 is less likely. Dips to ₹170 is likely to see fresh buyers coming into the market and limit the downside. Immediate resistance is at ₹176. A strong break above it can take the NTPC share price up to ₹185 over the next two-three weeks.
Traders can go long at current levels. Accumulate on dips at ₹170. Keep the stop-loss at ₹166. Trail the stop-loss up to ₹174 as soon as the stock price goes up to ₹177. Move the stop-loss further up to ₹178 when the stock touches ₹180. Exit the long positions at ₹182.
Read also: NTPC’s installed solar power capacity surpasses 2 GW
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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