Sudarshan Sukhani upbeat on NTPC

Sudarshan Sukhani of s2analytics.com is upbeat on NTPC.

Sukhani told CNBC-TV18, "Chambal Fertilizers is in the lower end of its trading range. That by itself would have been only a mild reason to go long but it has also made a small bullish pattern, it is breaking out of that. So we have support at the trading range lower end and a bullish pattern. So Chambal Fertilizers like most fertilizer companies will do these bounces. A good 15-20% on the upside is possible, it is only a trading idea, there is no investment here but it is worth trading. Sometimes these moves come fast, 4-5% in a day, we don’t know when that will come but be positioned on the long side starting today."
He further added, "NTPC is making those new highs in this uptrend and new highs are always bullish. It’s probably bottomed out, made a V shaped reversal, that’s okay. Sometimes you have to accept these reversals but it is doing those higher highs, higher lows, posing, consolidating and then moving up; what a good chart should do. So I am upbeat on NTPC, it is not just for today, it is also probably a position trade." Disclosure: I have no personal holdings in the above stocks.