Analysts as Anand Rathi witnessed a breakout from the consolidation in shares of NHPC and the price action resembles a bullish inverse Head & Shoulder pattern.
Multibagger stock: Kotak Institutional Equities said that the prevailing market price more than captures the intended growth plans without discounting associated delays.
The government plans to sell 251,125,870 shares, representing a 2.5% stake in NHPC and has set the floor price at Rs 66 a share. This is at a steep discount of nearly 10% from the current market price.
Power Grid has maintained its upward journey with a positive bias. After every short correction, the momentum has picked up with a series of higher lows on the daily chart.
On the daily chart, BHEL has started trading below the 20-day SMA, which is a sign of weakness. At present, the stock is outperforming the benchmark indices.