The shares of power producer NTPC Ltd rise as much as 2.51 per cent to Rs 138.75, highest since October 24, 2018. The stock breaks above a resistance at Rs 137.57, the 61.8 per cent Fibonacci retracement level of the downtrend from October 27, 2017 high to February 13, 2019 low.
The breakout is supported by volume as the five-day average volume is about 54 per cent higher than its 30-day average volume. Breakout suggests, in the near term stock may test the next resistance at Rs 144.87, the 76.4 per cent retracement level.
Trend Intensity (TI) indicator rises to 30, suggests prices are trending upwards. MACD is positive and above its signal line
