NTPC Green signs a major solar PPA deal. Analyst sees a bullish setup, with potential upside till ₹125.
NTPC Green shares gained nearly 2% on Thursday, after the company announced a Power Purchase Agreement for 1,000 MW capacity.
This is for a solar project awarded by Uttar Pradesh Power Corporation (UPPCL). Tariffs have been finalized at ₹2.56 per kWh.
SEBI-registered analyst Suryansh Singh Chandel is bullish on NTPC Green and suggests that investors add this stock to their watchlists.
The stock has been trying to break its long-term resistance levels on the daily chart. However, the momentum appeared to be lagging.
Chandel notes that a positive Average Directional Index (ADX) on the daily chart signals a potential upside, but he advises caution till a clear breakout is confirmed.
According to him, a decisive move above ₹112-₹113 will confirm a breakout and can set the stage for a rally till ₹125 with a stop loss of ₹105.
Fundamentally, the company reported a 39% rise in FY25 profit, reflecting strong performance in the renewable energy sector.
Data on Stocktwits shows that retail sentiment turned ‘extremely bullish’ a day ago amid ‘high’ message volumes.
NTPC Green shares have fallen 13% year-to-date (YTD).
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