Short NTPC, says Amit Harchekar

Amit Harchekar, Chief Technical Strategist at A PLUS Analytics told CNBC-TV18, "NTPC continues to remain in the bearish zone. The way the stock has broken down below the support of Rs 121, it is likely to head towards Rs 106-107 in the near-term."

"I believe at this level it becomes a very strong candidate for initiating fresh shorts with a stoploss of Rs 123. I am expecting this stock to move towards Rs 110 in next couple of days," he said.

Disclosure: Analyst has recommended the strategies to his clients but has no personal holdings.