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.
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.
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.
NTPC stock has shed 0.1% year-to-date and is up 1.4% at ₹337.20 at 1:46 pm IST.