Go long in NTPC, says Amit Gupta

Go long in NTPC, says Amit Gupta of ICICI Direct.

Gupta told CNBC-TV18, "NTPC is looking good, in fact, when Reliance started moving up because if you look at the structure of Reliance and NTPC both it has remained same for quite a long time and Reliance has shown good move on the higher side. We saw the same thing happening in NTPC also, at the lower base of around Rs 165-166 we saw good delivery based buying coming in the stock and that was followed by the short covering."
He further added, "When it reached Rs 172 again some profit booking case but in the last session we saw that profit booking of the last four-five sessions was taken out in a single session and the stock moved above Rs 173. So even if any decline is coming utilize it to go long in the stock because it is showing some inherent strength and we all know there are enough shorts in the stock because they have remained subdued for a quite long time."
"So I think Rs 170-172 range can be taken as a long side and on the higher side I am looking for Rs 10 upside from these levels, Rs 182 could be tested from where the cash based buying was seen – Rs 164-165 levels can be kept as a stoploss."