NTPC Green Energy IPO opens today: How to trade NTPC, other power stocks

NTPC Green Energy IPO: Trading strategies for NTPC, Power Grid and other listed power stocks on the BSE, NSE.

NTPC Green Energy Rs 10,000 crore initial public offering (IPO) opens for subscription today, Tuesday, November 19, 2024. Shares of the company can be subscribed in the price band of Rs 102 - Rs 108 per share, in multiples of 138 shares.  NTPC Green Energy is the renewable energy arm of power major NTPC. The company intends to use the net proceeds from the IPO to fund investments in its wholly-owned subsidiary, NTPC Renewable Energy (NREL). The issue closes on Friday, November 22, 2024.  Domestic brokerage firms have broadly recommended a 'Subscribe' rating on the NTPC Green IPO, citing its strong long-term growth potential. Here's all you need to know about the IPO  Given the buzz around the NTPC Green IPO, shares of other power companies including the parent firm NTPC are likely to hog the limelight over the next few trading sessions. As such, here's a technical outlook on the major power stocks.  NTPC  Current Price: Rs 371  Downside Risk: 16.4%  Support: Rs 367  Resistance: Rs 376; Rs 403  Technically, NTPC is seen trading on a weak note on the daily scale below all its key moving averages. At present, the stock seems to be struggling to find its way back above the 200-DMA, which stands at Rs 376. CLICK HERE FOR THE CHART    However, on the weekly scale, NTPC is seen seeking support around the super trend line, which, also coincides with the 50-WMA (Weekly Moving Average) around Rs 367. In case, the stock trades consistently below Rs 367, then it is likely to see a sharper fall towards Rs 310 levels, shows the long-term chart.    For the bias to turn favourable, NTPC will need to conquer and sustain above its 200-DMA, followed by the 20-WMA hurdle at Rs 403 levels.  Power Grid Corporation  Current Price: Rs 316  Upside Potential: 10.8%  Support: Rs 308; Rs 294  Resistance: Rs 329  For the last one month, shares of Power Grid Corporation are seen consolidating around its 200-DMA, which stands at Rs 308. The stock has persistently found support around the 200-DMA thus far. Further, the weekly chart shows presence of strong support around Rs 294 levels. CLICK HERE FOR THE CHART  However, the stock has been trading below the short-term moving averages and the trend line. Thus, implying limited upside for the stock in the near-term. As such, the stock may bounce back up to Rs 350, with strong resistance seen around Rs 329 levels.  Adani Power  Current Price: Rs 531  Downside Risk: 15.3%  Support: Rs 533  Resistance: Rs 580; Rs 600; Rs 620  Adani Power stock has declined over 13 per cent in the last 8 straight trading sessions, and at present is seen quoting below the lower-end of the Bollinger Bands on the daily scale, which is a negative sign. The near-term bias for the stock is likely to remain tepid as long as the stock remains below Rs 533; above which resistance for the stock stands at Rs 580. CLICK HERE FOR THE CHART  Further, the stock has also given a 'Sell' signal on the weekly scale. Chart shows, the stock seems on its way to test the 100-WMA support at Rs 450 levels. The upside for the stock seems to be capped around Rs 600 - Rs 620 levels for now.  Tata Power  Current Price: Rs 413  Upside Potential: 13.8%  Support: Rs 388  Resistance: Rs 426; Rs 438  Tata Power has been making lower-highs and lower-lows on the daily chart since the start of October month. Further, even as the stock is seen testing support around Rs 388 on the weekly chart, it has been trading below the key moving averages on the daily scale for the last 5 trading sessions.  The overall bias for the stock can be cautiously optimistic as long as the Rs 388 support is held. On the upside, the stock can attempt a pull-back to Rs 470 levels; with interim resistance likely around Rs 426 and Rs 438 levels. CLICK HERE FOR THE CHART  NHPC  Current Price: Rs 79.60  Upside Potential: 16.8%  Support: Rs 74  Resistance: Rs 86; Rs 88  NHPC stock has witnessed a steep 33.7 per cent fall from its high of Rs 118 in mid-July 2024. The stock, at present, is seen testing support around its 20-MMA (Monthly Moving Average), which stands at Rs 74.  As long as this support holds, the stock may attempt a pull-back to Rs 93 levels, with interim resistance around Rs 86 and Rs 88. On the flip side, break and sustained trade below Rs 74, can trigger a fall towards Rs 61. CLICK HERE FOR THE CHART