Shares of recently-listed NTPC Green Energy Ltd slipped 5.69 per cent in Thursday's trade to hit a low of Rs 139.25. At this price, the stock has tanked 10.33 per cent from its all-time high of Rs 155.30, a level seen in yesterday's session. Despite the mentioned drop, it was still up 28.94 per cent from its issue price of Rs 108.
Around 48.35 lakh shares were seen changing hands on BSE today. The figure was much lower than the two-week average volume of 1.31 crore shares. Turnover on the counter came at Rs 68.70 crore, commanding a market capitalisation (m-cap) of Rs 1,19,148.30 crore. There were 12,48,175 sell orders against buy orders of 4,78,584 shares.
NTPC's diversification into green energy and its foray into nuclear power will be positive for the company over the medium- to short-term, said Kranthi Bathini, Director of Equity Strategy at WealthMills Securities. He added that investors can add NTPC Green on dips as the stock has potential to perform. The firm is a wholly-owned subsidiary of state-run NTPC Ltd.
Technically, support on the counter could be seen at Rs 135-137 levels. Resistance may be found at Rs 144, followed by Rs 152 and Rs 160 levels. An analyst suggested booking some profits at current levels as a fall below Rs 137 can induce more pain.
"Support for NTPC Green will be at Rs 135. On the higher end, immediate upside is capped at Rs 160 level," said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking.
"Support will be at Rs 136 and resistance at Rs 144. A decisive move above Rs 144 level may trigger a further upside towards Rs 149. The expected trading range will be between Rs 136 Rs 150 for the short term," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi.
"The share price is bullish but also very overbought on daily charts with next resistance at Rs 152. Investors should be booking some profits as a daily close below support of Rs 137 could lead to a downward target of Rs 121 in the near term," said Sebi-registered research analyst AR Ramachandran.
NTPC Green is a renewable energy company that focuses on undertaking projects via organic and inorganic routes. The company, incorporated in April 2022, had an operational capacity of 3,071 MW from solar projects and 100 MW from wind projects across six states as of August 31, 2024.
As of September 2024, promoters held an 89.01 per cent stake in the renewable energy company.