Technical Report, NTPC Long

NTPC

Buy @ 134-138
Incalidation level @ 123.65
Target: 154, 166

Elliott Wave View: NATIONAL THERMAL POWER CORPORATION, Wave 3 in progress?
The short-term Elliott wave view in NTPC suggests that the stock has given a breakout from a
bullish ascending pattern with volumes which indicates the momentum is likely to continue to the
upside.
Price has taken a support at the trend line indicating continuation of bullish trend, which may
continue if the price trades above the trendline.
The momentum oscillator (RSI) is above 70 on the Daily chart.
Next Potential short-term target for the stock is Rs.154 to Rs.166