NTPC : Looks Positive For Buying on Dips

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NTPC Ltd had very interesting movements in recent times. It got slammed down about a month back and had an equally swift V-shape recovery. So it looks like somebody misread some information on this particular stock and has bought it back. Now the interesting thing about this stock is that the momentum seems to be continued and we do have some amount of strong level of resistance around 208 or 209 level, so that is the first level that the stock would have to surmount and clear and hold the bow in case it would want to go higher but looking at the momentum picture of the share,

I would like to remain long in it with a stop somewhere around 195-196, look to buy the dips and maybe I have some more ones that shows additional momentum by clearing the main supply area around 208 in which case then we can look at much higher levels, much meaning of course 218-220, it is not a huge move. So it is a range play about say 195-215-220, that is the kind of stock.

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