Top buzzing stock: NTPC Limited.

Top buzzing stock: NTPC Limited.

by 5paisa Research Team Last Updated: 2022-04-06T10:57:51+05:30

The stock has surged over 3% in the initial hours of Wednesday and is the top gainer among the Nifty 50 stocks.

NTPC Limited is engaged in generation of electricity and sale of bulk power to state power utilities. The stock of NTPC is in focus due to its strong uptrend recently.

The stock has surged over 3% in the initial hours of Wednesday and is the top gainer among the Nifty 50 stocks. It is extremely bullish considering it has soared nearly 15% in just four trading sessions. With today’ strong price action, the stock has hit a fresh 52-week high of Rs 154.95. Meanwhile, it has also registered volume greater than 10-dya. 30-day and 50-day average volume in the past few days, indicating strong trading activity in the stock. On the technical chart, the stock has received strong buying interest at lower levels and has gained over 4% since its intraday low of Rs 148.30.

Along with its strong price structure, several technical indicators point towards the extreme bullishness of the stock. The 14-period daily RSI is placed in the super bullish territory while the trend indicator ADX is place above 25 and points northwards. This is an indication of strong uptrend of the stock. Moreover, the OBV has hit a higher high and indicates strong strength from volume’s perspective.

The stock has performed exceptionally well recently. It has gained about 23% jump on YTD basis while its one-month performance stands at 18%. During these periods, the stock has outperformed the broader market and most of its peers. The energy stocks have shown a strong bull run recently due to its rising global demand. Thus, the stock is likely to be in strong uptrend for few more days. Considering its overall bullishness, the stock is expected to trade higher in coming days. It has the potential to gain about 5-8% in short to medium and presents a good opportunity for swing trading.  Short term trader/ positional traders can expect decent gains from this stock in upcoming days.


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