Shares of NTPC Green Energy snapped six sessions of gaining streak in the previous session. The green energy stock climbed 36.71% from its IPO price of Rs 108 till November 4 by closing at Rs 147.65 on BSE. From its listing price, the stock had gained 32.30%. However, the stock saw profit booking in the previous session (November 5), closing 4.40% lower at Rs 141.15 on BSE. On November 4, NTPC Green Energy shares hit their record high of Rs 155.30, rising 9.28% intra day on BSE.
Market cap of the firm fell to Rs 1.23 lakh crore. The stock saw a high turnover of Rs 76.98 crore on BSE.
Jigar S Patel, manager at Anand Rathi expects the stock to hit the Rs 150 mark in the short term.
"Support will be Rs 136 and resistance at Rs 144. A decisive move above the Rs 144 level may trigger a further upside of Rs 149. The expected trading range will be between Rs 136 to Rs 150 in the short-term," said Patel.
Riyank Arora, technical analyst at Mehta Equities expects the stock to hit Rs 175 mark in the near term.
"NTPC Green exhibits a robust technical setup with an overall positive trend. The stock faces key resistance at Rs 156, and a breakout above this level could spark substantial upward momentum. Immediate support is positioned at Rs 135, offering a strong foundation for any pullbacks. Considering the current momentum, the stock is poised for an upward movement, with potential targets between Rs 170 and Rs 175. This outlook aligns with the broader optimism in the green energy sector, fueled by NTPC's commitment to renewable energy and sustainability initiatives," said Arora.
Mandar Bhojane, Equity Research Analyst, Choice Broking said," The overall trend remains bullish, indicating robust buying interest. Immediate support is identified at Rs 140, with a stronger support zone at Rs 135, making it an attractive buy-on-dip opportunity for traders and investors. On the upside, sustained momentum above the Rs 160 level could trigger further gains, potentially pushing the stock towards Rs 180 and Rs 200 in the coming weeks or months."
The stock of the state-run renewable energy company was listed at Rs 111.60 on BSE, a premium of 3.33 per cent over its issue price of Rs 108. Similarly, the stock started its maiden trading session with a premium of 3.24 per cent over the given issue price at Rs 111.50 on NSE on November 27.
The IPO of Delhi-based NTPC Green Energy was open from November 19-22. The company raised a total of Rs 10,000 crore, which was entirely a fresh share sale of up to 92,59,25,926 equity shares. The company offered its shares in the price band of Rs 102-108 per share with a lot size of 138 shares. The issue was subscribed merely 2.42 times.