Chart check: Power-packed rally in NTPC, Tata Power has more legs

Tata Power and Coal India are witnessing strong momentum based buying, while Indian Energy Exchange (IEX) can surge 20% in the medium-term, tech charts show

NTPC Ltd (NTPC)
Likely target: Rs 155 and Rs 162
Upside potential: 7% to 11%

The breakout of the consolidation range was marked by massive gains of almost 20 per cent from Rs 122 levels, according to the daily chart. The current stock price scenario exhibits minor barrier at Rs 145-level. Once this mark gets conquered, the next breakout may point a rally towards Rs 155 and Rs 162. The immediate closing basis support for the stock is at Rs 135-level.  CLICK HERE FOR THE CHART
 

Tata Power Co. Ltd (TATAPOWER)
Likely target:  Rs 180 and Rs 190
Upside potential: 7% to 14%

Last week, the shares of Tata Power jumped 18 per cent recording a new all-time above Rs 160 levels, leading to a strong positive sentiment. This momentum is likely to continue and see aggravated bullishness as the stock does not witnesses any major reversal in the overbought category of Relative Strength Index (RSI). The immediate support comes at Rs 155 and Rs 150 levels, based on the daily chart. The bullish bias signals a rally in the direction of Rs 180 and Rs 190 levels.  CLICK HERE FOR THE CHART
 
Indian Energy Exchange Ltd (IEX)
Likely target: Rs 750

Upside potential: 20%

The stock rose over 30 per cent in September 2021 and as long as it trades above the crucial mark of Rs 550, the medium-term outlook directs a major upside towards Rs 750 levels for the stock. The immediate rally could be in the direction of Rs 670 and Rs 700 levels. If the trend sees profit booking, then the weakness may see an added advantage for several market players to enter, who missed  the start of this bull rally.  CLICK HERE FOR THE CHART
 
Coal India Ltd (COALINDIA)
Likely target: Rs 220
Upside potential: 15%

The stock is constantly experiencing buying momentum in an overbought category of the RSI. This signifies a bullish underneath strength, which seems to grow higher with rising volumes, according to the daily chart. The overall trend foresses the stock headed towards Rs 220 level and with support around Rs 180, which one needs to consider on a closing basis. The medium-term trend has a support at Rs 170.  CLICK HERE FOR THE CHART
 
Gujarat Mineral Development Corpn Ltd (GMDCLTD)
Likely target: Rs 90
Upside potential: 16%

An “Inverse Head and Shoulder “breakout at Rs 74 hints a rally towards Rs 90 levels, according to the daily chart. The medium-term outlook looks bullish with the said breakout and may continue to see higher ground. The support stays at Rs 73 levels. The volume scenario show sluggish momentum, however any positive movement may add significant interest from market participants and stock may trigger upward sharply. CLICK HERE FOR THE CHART