Avoid NTPC: Sukhani

Sudarshan Sukhani, s2analytics.com is of the view that one should avoid NTPC.

Sukhani told CNBC-TV18, “National Thermal Power Corporation (NTPC)  doesn’t give the sense that it is beginning a new up move. It has lot of resistance in the Rs 170-180 area which is where it is likely to stall and we are almost there. So I would not be a buyer in NTPC. The long-term charts for this stock are not attractive, it did not build a base, Reliance built an 18 month base and said okay I am coming out. NTPC is all over the place, there is nothing to suggest a big move is coming, I would avoid it.”
At 15:02 hrs NTPC was quoting at Rs 164.05, up Rs 2.30, or 1.42%. It has touched an intraday high of Rs 165.35 and an intraday low of Rs 163. It was trading with volumes of 338,133 shares, compared to its five day average of 792,197 shares, a decrease of -57.32%. It was trading with volumes of 338,133 shares, compared to its thirty day average of 312,016 shares, an increase of 8.37%.