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NHPC Technical Analysis #79: Buy | Target Rs 24 | Arijit Banerjee

OUR RECOMMENDATION

CMP#22.35
IdeaBUY
Buy Range21.8 – 22.5
Target24 – 24.2
StopLoss*21.5
Duration15 – 20 Trading Sessions
Potential Return^7 – 8%
CMP#IdeaBuy RangeTargetStopLoss*DurationPotential Return^
22.35BUY21.8 – 22.524 – 24.221.515 – 20 Trading Sessions7 – 8%

# CMP on Aug 07, 2019
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 23.
^ The returns are calculated based on CMP#

COMPANY OVERVIEW

NHPC is an Indian Electric company controlled by Indian Government. The company generates electricity through hydro, wind and solar power operations. The company also offers consultancy services such as investigation, planning, commissioning, engineering, construction, operation and maintenance and other associated works.

Stock Data
NSE CodeNHPC
Sectoral IndexNifty Infra
52W High27.5
52W Low20.85
Face Value10
Relative Performance_NHPC vs Nifty Infrastructure

TECHNICAL OBSERVATIONS (WEEKLY)

  • The stock price has been moving in a larger sideways range in the last one year and was showing lack of strength to give a directional breakout during this period.
  • Presently, the stock price has placed near the lower end of a sideways range which acts as multiple supports over the last 12 months.
NHPC Weekly Chart
NHPC Weekly Chart

TECHNICAL OBSERVATIONS (DAILY)

  • Attached daily chart shows, the recent breakout on the price front indicates conclusion of the downtrend phase.
  • A daily momentum indicator Stochastic is just out from deep oversold zone (20) indicating positive breath in the stock.
NHPC Daily Chart
NHPC Daily Chart

MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

ANALYST SUMMARY

This research analysis is prepared by Arijit Banerjee, CMT, CFTe. An engineering graduate developed an early interest in Trading since the age of 20. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and also has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts (IFTA), USA. His contribution to the market research was recognized by SEBI, the Regulatory Body of Indian financial market and given him the registration number INH300006582 as a Research Analyst. Over the years, he has gained experience in Technical Analysis with a demonstrated history of working in different asset classes. Himself as a trader, he has trained and continues training novice and experienced traders to become successful, confident and profitable in the financial market.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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