NTPC - Target Reached

NTPC has reached its 100% retracement today. The stock touched a high of Rs. 143 and the volumes at which it has reached this target is something that is comfortable to see.

• MACD is still in a bullish zone and given the recent rally in this stock, RSI is expected to be on an overbought region
• The accumulation distribution chart is still showing some strength in the recent movement.

Hence, I would partially book profits on this stock and look at exiting this stock if it breaks 138-140 on higher volumes. Fresh exposure on this stock can be taken only if it breaks Rs. 148 and if there is strong volumes in this movement.