Indian benchmark indices staged a swift rebound on Tuesday and settled with big gains amid the uncertainty over US elections. However, global cues will decide the direction of Indian markets in the near-term. BSE Sensex rallied 694.39 points or 0.88 per cent, to end the session at 79,476.63. NSE's Nifty50 surged 217.95 points, or 0.91 per cent, to close at 24,213.30 for the day.
Some buzzing largecap power stocks including NPTC Ltd, Coal India Ltd and Power Grid Corporation of India Ltd are likely to remain under the spotlight of traders for the session today. Here is what Pravesh Gour, Senior Technical Analyst at Swastika Investment has to say on these stocks ahead of Wednesday's trading session:
NPTC | Resistance: Rs 415-430 | Support: Rs 400-385
NTPC is clearly forming a series of lower lows and lower highs on the daily timeframe. Currently, it is trading within a range, with Rs 400 acting as an important support level, reinforced by the 100 EMA. On the upside, Rs 415 is functioning as a supply zone, serving as a key resistance. If the counter breaks above Rs 415, a move towards the Rs 428-430 range could be expected. On the downside, if the price breaches the Rs 400 support, it would open up a potential move towards the Rs 385 level.
Coal India | Resistance: Rs 460 | Support: Rs 410-400
The overall structure of Coal India appears weak, as the counter has broken down from a classic head & shoulders pattern. The moving averages also indicate a bearish outlook, with the price trading below all key moving averages. The next support is around the Rs 410 level, and a slip below 410 could lead the price towards the important support at Rs 400. On the upside, any bounce could face resistance around the Rs 460 level, where the 20 DMA is positioned.
Power Grid Corporation of India | Resistance: Rs 325 | Support: Rs 310
Power Grid has broken down from a double top formation on the daily timeframe, and the chart structure indicates weakness. It is currently trading near the key support level of Rs 310, where the 200 DMA is positioned. A slip below this level could trigger further weakness, potentially leading the price towards the Rs 280 mark. On the upside, any bounce back rally is likely to face resistance around the Rs 325 zone, where the 100 DEMA is located.