NTPC can touch Rs 180-182: Amit Gupta

NTPC can touch Rs 180-182, says Amit Gupta, Head-Derivatives, ICICI Direct.

Gupta told CNBC-TV18, "NTPC is looking good right now because if one looks at the pattern of NTPC, it generally falls by around 15-20% and then the retracement comes in. I think we are close to that particular phase now because the fall from Rs 190 levels to Rs 160 has already happened and around these levels we have seen initial signs of shorts getting covered."
He further added, "Some cash based buying also we have seen around Rs 168-170 levels. So Rs 174 and beyond if the stock if moving because we had seen pretty high volumes in futures when the stock moved towards Rs 172 on Friday the last week. So once we are seeing moves beyond these levels precisely Rs 174 then it is going towards Rs 180-182 levels. In that scenario the traders can keep stoploss around Rs 171 and I think on the upside they can trade the stock in momentum."