Bajpai expects further price increases, with resistance at the 20-day moving average.
NTPC shares showed a reversal potential after their downtrend when a doji candlestick formed on the daily chart on Friday, according to SEBI-registered analyst Anupam Bajpai.
The doji candlestick is a pattern in which the open and close prices of the security or market are the same or very close to it.
The candlestick shows equal upper and lower shadows, which show an equilibrium between positive and negative market forces, according to Bajpai.
According to Bajpai, the doji candlestick developed beyond the lower Bollinger Band edge, which indicates an upward price movement possibility.
At the time of writing, NTPC shares were trading at ₹346.80, down by ₹1.75 or 0.50% on the day.
According to Bajpai, Bollinger Bands, which employ a 20-day moving average with both upper and lower bands, indicate a potential price reversal when price tops and bottoms develop outside those bands.
The stock increased 4.12% after the doji candlestick formation and finished trading above the prior candlestick's highest point.
NTPC's stock price closing above its 50-day exponential moving average strengthens the evidence of bullish market momentum.
According to Bajpai, the stock price will likely increase until it encounters resistance at the 20-day moving average.
The stock has risen 4.1% so far in 2025.
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