NTPC Breakout -BUYNTPC is making all time high. Lets see why its a good buy at current level.
1. Structure -
a. Resistance - Three selling rejections from 390 area since 04 june 2024. Before that 380 acted as resistance. Broke out above 400 on 29th July but showed selling. Important thing is it showed buying again next day and is now above 400 again.
So it broke above 400, gave pull back and bought again above 400. Our earlier Resistance 400 is now acting as support.
b. Support - 390, 361.
2. Trend - Up trend in daily as well as weekly time frame.
3. Overall market - Nifty is strong and is in Up trend.
4. Conclusion - NTPC has given breakout above 390 zone, selling from above this level failed to push it lower this time. Current level is good level to buy.
Entry -current price.
Target - 450, 495.
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