Trade Idea of The Day - NTPC Ltd Target Rs. 12 - Religare Broking Ltd
NTPC Ltd
BUY 24 FEB 335 CE SELL 24 FEB 350 CE Entry Range 5-6 Target Range 12 Stop Loss 3
Rationale
* On the daily chart NTPC has decisively rebounded from the recent swing lows and is trading above the key moving averages, indicating a positive shift in momentum.
* The stock has traded firmly with the higher lows pattern after bullish crossover, where 20-DEMA has crossed above the 50-DMA, reinforcing bullish price action
* The momentum Indicator, RSI is placed in the range of 55 to 60 and trending upward, suggesting healthy momentum with room for further upside without entering overbought territory.
* As long as prices sustained above the 340–342 zone, it could open the path towards the 356-360 zone, while dips are likely to find support near the 335 mark.
