NTPC Elliott Wave Analysis

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 NTPC daily chart

NTPC hourly chart

From the above daily chart, stock prices are moving in a higher highs and higher lows fashion which is a positive formation. As far as there is no discontinuation of the above mentioned pattern the bias for this stock will be positive.

As per hourly chart, NTPC is moving in a rising channel formation which is a positive sign. Recently it bounced from the support of the channel and is now all set to surge till its resistance. There are high chances for the stock to cross its previous high. RSI is consolidating just above the center line.

Elliott Wave theory suggests that, after completing wave x at one higher degree, prices are moving in double correction pattern (a-b-c-x-a-b-c). Recently it completed wave x and is now to start second correction which is wave a, which can move above wave c of the first correction

The summation is NTPC is positively poised and can move up from current levels to test 94-95 levels with support at 89 (losing basis).


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