NTPC breached a major support of 93 and is currently lurking around at the level.
If it closes below 93. Short for 91 and 90 tomorrow.
In case of Gap down opening around 91 levels, Long from the targets mentioned above for 93 and beyond
The bottom trend line indicates that the price is making higher lows, while finding resistance at Rs.99. This provides a good entry point at CMP with a target at about 100 while keeping SL at 90.5
Note: This is for educational purpose only.
NTPC has formed an ascending triangle on daily chart. Breakout above 101 should give a fresh move upwards. RSI and MFI above 50 shows price momentum and volume is in bullish zone.
As we can see MACD has gone on -ve and stock is at verge to break upward trend line, Which intimates the trend changing to bearish soon. Hence,
Sell NTPC below - 90.5
T- 84.5
SL-93.5
NTPC seems to be in Uptrend immediate support at 95 and resistance at 100, If 95 is broken it can go upto 90 -93 levels which are good levels for accumulation with stop loss of 84
93- 95 levels if not broken on closing basis then stock can bounce back to 100 levels.
- Stock in a Overall Downtrend
- Rejected off Daily kijun / 50% Fib Level
- Close below a key S/R level
I am short from 50% level of Bearish Pinbar on March Futures. Will add more on 6th March after more confirmation.
Also sold 111 CE @ 1.6
Last few days we witnessed a rally in NTPC from 109 levels, this rally seems to be more of corrective nature and halted at the KS line on daily chart. RSI is well placed into bearish zone and MACD is bearish too with no positive bias as of now.
