After a robust six-session rally, NTPC Green Energy shares saw profit booking on December 5, 2024. The stock closed 4.40% lower at ₹141.15 on the BSE, breaking its upward momentum. Despite the dip, the stock has delivered impressive returns since its IPO.
Performance Highlights
- IPO Price: ₹108
- Record High: ₹155.30 (November 4, 2024)
- Current Price: ₹141.15 (December 5, 2024)
- Listing Price: ₹111.60 on BSE
The stock rose 36.71% from its IPO price before hitting its record high.
Technical Analysis
- Support Levels: ₹135 (strong), ₹140 (immediate)
- Resistance Levels: ₹144 (immediate), ₹156 (key breakout point)
- Market Cap: ₹1.23 lakh crore
- Turnover: ₹76.98 crore on BSE
Technical experts anticipate the stock could reach ₹175-₹180 in the near term, provided it sustains above the ₹144 resistance level.
Expert Opinions
- Jigar S Patel, Anand Rathi:
- Short-Term Target: ₹150
- Trading Range: ₹136-₹150
- Riyank Arora, Mehta Equities:
- Target: ₹175
- Outlook: Positive trend with potential for further gains.
- Mandar Bhojane, Choice Broking:
- Support: ₹135-₹140
- Upside Potential: ₹180-₹200 in the coming weeks.
Growth Drivers
- Green Energy Focus:
- NTPC Green Energy’s commitment to renewable energy and sustainability is a significant catalyst.
- The company raised ₹10,000 crore through a fresh share sale during its IPO.
- Sector Optimism:
- The renewable energy sector is gaining traction, supported by favorable policies and increased investments.
Conclusion
While NTPC Green Energy shares have seen profit booking, the overall trend remains bullish. Analysts suggest that the stock’s strong technical setup and sectoral optimism could push it toward new highs in the medium to long term. Investors looking to capitalize on the green energy boom may find this stock an attractive option.
Disclaimer
This article is for informational purposes only and does not constitute financial advice. Investors should conduct their own research or consult a financial advisor before making investment decisions.
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