NHPC may see good momentum if it breaks past 31: Devang Visaria, Chief Strategist, Devangvisaria.com

Devang Visaria, Chief Strategist, Devangvisaria.com, in a chat with ET Now talks about NHPC.

Is NHPC a day target? Is it a couple of days and can you just walk us through that?

NHPC has been in a prolonged long trend ever since it got listed but right now you are observing some kind of positive divergences on daily charts. Also the stock is looking likely to be bottoming out closer to this 28-29-30 kind of range. So if it breaks past 31 levels, you could have good momentum coming into this stock and you could possibly look for targets of closer to 35. So with a stop of 28 or just slightly below that, you have a one or two weeks target of 35.

The time period is a bit long because of the fact that it is a high liquidity stock and it is a very slow mover, hardly moves up 2% or falls 2% in a day. So that’s the reason it is a one or two week call rather than a three or four day call.