Technical Outlook & Trading Strategy:-
The share price of NTPC Ltd. has been trading in a well defined declining channel on its weekly charts.
As shown in the chart above the price has been taking support at its declining trendline. But a sustained break below the 164.50 levels will lead to a breakdown on the chart.
This event would then bring in fresh supply into the stock which could then drag the price to levels of 151 over the medium term.
For the upcoming week traders take short positions in the stock on a sustained break below 164.50 levels with a stoploss placed above 168.85 levels for downside targets of 159.50 / 157 levels.
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