NHPC has support at Rs 19: Tulsian

SP Tulsian, sptulsian.com is of the view that National Hydroelectric Power Corporation (NHPC) has support at Rs 19.

Tulsian told CNBC-TV18, “I do not think there is any point in taking a call o NHPC. Once the stock comes out of the mind or trading or maybe the investment horizon of the people, it loses its charm also because we have seen the margin call pressure. Thereafter, we have seen the allegations in the 19 projects between 2010 and 2012. So maybe the stock will now rule in the range of Rs 19-21. It will find hard to move past Rs 21 and maybe it will have support at Rs 19. So, probably it will remain in this trading zone for next one month or so.”
At 13:36 hrs NHPC was quoting at Rs 20.10, up Rs 0.15, or 0.75%. It has touched an intraday high of Rs 20.15 and an intraday low of Rs 19.70.
The share touched its 52-week high Rs 29.40 and 52-week low Rs 14.65 on 20 February, 2013 and 07 September, 2012, respectively. Currently, it is trading 31.63% below its 52-week high and 37.2% above its 52-week low. Market capitalisation stands at Rs 24,724.49 crore.