The stock seems to be into a corrective pullback. The RSI is halted near 60 levels and curled down. The correction may take the shape of ABC pattern. Breaking of the upward sloping channel will confirm the pattern.
It may touch price levels of around 122 and then reverse towards the downside.
SELL below 120 SL 122
Targets 118, 117, 115, 112, 110
OR
NTPC 29AUG 120 PE (₹0.65), 117.50 PE (₹0.05)
I see a temporary bounce back in the counter as its trading at bollinger band lows , but overall chart structure negative may show 100 levels in coming days
buy ntpc at cmp or wait for pullback till 126.
1st target 143.80
2nd target 150.
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Kindly contact financial advisor before taking position/decision.
Bullish Flag pattern spotted in NTPC . Pattern seems to be confirmed and hence the stock could move towards 148. Previous top at 137.5 can act as an intermediate resistance.
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Likewise, consciously if your eye apparently checks the breakdown point you will get a high return. Its not actually support but its a breakdown confirmation line.
Resistance is 136.2 nearby.
134.8 below with volume increase than normal will give you breakdown trade.
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