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NTPC’s stock could retest the ₹350 mark before the month’s end, according to SEBI-registered analyst Deepak Pal.
The analyst noted that the stock’s pattern on the daily candlestick chart appears bullish.
Pal said that NTPC is trading above its short-term exponential moving average (EMA) and has robust support around the ₹330 level. If the current rally continues, the stock is likely to gain further.
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Pal observed that the daily candlestick chart reflected persistent weakness throughout the past two weeks when the stock slipped from ₹351.20 to a low of ₹324.85 across 10 trading sessions.
However, buying momentum has increased since the stock found strong support at ₹324, which aligns with its 200-day EMA.
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Pal added that support from broader market sentiment, especially in the Nifty index, is also helping NTPC recover.
“If the ₹324 support continues to hold, the stock is well-positioned for a short-term rebound and may retest the ₹350 level in the coming sessions,” Pal wrote in a post on Stocktwits.
He recommended a ‘buy’ rating for NTPC at ₹330-331, with a target price of ₹348 and a stop loss at ₹321.
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NTPC stock has shed 0.1% year-to-date and is up 1.4% at ₹337.20 at 1:46 pm IST.
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