NHPC, Power Grid, NTPC: Trading strategies for these buzzing power stocks

Domestic equity indices gained on Monday amid across-the-board buying on firm global cues. The BSE Sensex added 595 points, or 0.92 per cent, to end at 64,958.69. The NSE Nifty surged 181.15 points, or 0.94 per cent, to 19,411.75. Some buzzing stocks namely NHPC Ltd, NTPC Ltd and Power Grid Ltd are likely to be in focus today. Here is what Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher has to say on these stocks ahead of Tuesday's trading session:

NTPC | Breakout above 247 | Support: Rs 231
NTPC is consolidating after the recent rally, with support maintained near its significant 50-EMA level of Rs 231. The upside breakout is likely at a decisive breach of Rs 247. The RSI is well-placed, cooling off from the overbought zone. It has flattened out to indicate strength and a likely trend reversal from the prevailing level.

NHPC | Target Price: Rs 57 | Support: Rs 49.50
NHPC has witnessed a decent rally and is in strong upward trend. The stock is showing stability near the important 100-period MA level of Rs 49.50. A decisive move past the Rs 52 level shall improve the bias. One can anticipate further rise in that case as the RSI is also flattening out after the gradual slide. The near term target would be around Rs 57 level with support maintained near the Rs 49.50.

Power Grid | Target Price: Rs 217-220 | Support: Rs 196
Power Grid maintained its upward journey with bias improving. After every short correction, it has picked up with a series of higher lows made on the daily chart, moving above the significant 50 EMA levels in recent times. The RSI is well-placed, gaining strength. The stock can carry on the momentum for initial target of Rs 217-220 levels with near-term support lying near Rs 196 zone.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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