NTPC has retraced 61% (fibonacci) from previous high and has very strong support at 84.90 which is also its life time support. Risk to reward ratio is favourable
This is positional trade and may take couple of months to come.
Buy for Target of 103, 109 and 118
Stop Loss : 84.90 (weekly closing basis)
If close below 84.90 then short for target of 79.40, 73 and 68
I hope you can now see how NTPC represents an excellent low risk profit entry setup allowing you to trade in the market.Take positions so that the risk/reward is in your favor.
Knowing why, where & when a strong reversal signal is being generated will be the only way to capitalize on your technical analysis .
Disclaimer: It should not be assumed that the...
Since, it didnt breach its support and formed a good bullish candle after a week consolidation, will look for now a buy opportunity if sustained above PDH (Previous day high)
Buy at CMP for 88, 89, 90 with SL at 87.
Keep trailing SL as Earnings Release can lead to large upward movements.
Please adjust for Future Prices.
or Go Long on Aug 90 CE
The Hammer + NIFTY trend suggests an upward movement is on for tomorrow.
The idea is supported by FIB retracements, both for the recent fall & overall COVID fall.
Positional trades:
Buy above 88.65 for Risk-takers & above 89 for the risk-averse for targets of 90, 91, 92.5 & 94 with SL at 86.8
