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REC, NTPC, Powergrid: Are power stocks losing steam? Here's what charts say
Shares of state-run power companies namely - NTPC, Power Grid Corporation and Rural Electrification Corporation (REC) - are seen trading below the key short-term moving averages, with weak signals from key momentum oscillators. As such, these stocks could witness selling pressure in the near-term, suggests technical charts. Here's a detailed analysis on each of these power stocks, with key support and resistance levels to track.
REC
Current Price: ₹390 Downside Risk: 23.1% Support: ₹390; ₹349 Resistance: ₹417; ₹439 REC stock has witnessed negative crossovers on the key momentum oscillators - both on the daily and weekly charts. The stock at present is seen seeking support around the lower-end of the Bollinger Bands on the daily scale at ₹390 levels. On the weekly scale, the stock is seen testing the 100-Week Moving Average (100-WMA), which stands at ₹397. Break and sustained trade below the same can drag the stock towards ₹349 levels; below which a steeper fall towards ₹300-mark cannot be ruled out. The short-term bias for the stock is expected to remain negative as long as the stock trades below ₹439, with near resistance seen around ₹417 levels. CLICK HERE FOR THE CHART
NTPC
Current Price: ₹341 Downside Risk: 16.7% Support: ₹334; ₹325 Resistance: ₹353; ₹362; ₹368 NTPC stock is seen trading below its 20- and 50-DMAs, which stand at ₹352.70 and ₹345.60 levels, respectively. The overall bias for the stock is expected to remain negative as long as the stock trades below ₹362 - ₹368 resistance zone. On the downside, the stock has near support at ₹334 and ₹325 levels; below which a dip towards ₹298 levels seems likely, suggests the weekly chart. CLICK HERE FOR THE CHART
Powergrid Corporation
Current Price: ₹296 Downside Risk: 11.2% Support: ₹290; ₹287; ₹284; ₹270 Resistance: ₹308 Power Grid Corporation stock is seen trading below its 200-Day Moving Average for the third straight trading session. The stock now seems on course to test the short-term trend line support, which also coincides with the 50- and the 100-DMA around ₹290 levels. In case, the stock breaks and trades consistently below ₹290, it could extend the fall towards ₹263 levels. Interim support can be anticipated around ₹287, ₹284 and ₹270 levels. The near-term bias is expected to remain tepid as long as the stock trades below the 200-DMA, which stands at ₹308. CLICK HERE FOR THE CHART
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