Coal India, NTPC, Power Grid: Key support and resistance levels for these three popular power companies

Indian benchmark indices recovered quickly to close higher on Tuesday amid uncertainty surrounding the US elections. However, global signals will determine the direction of Indian markets in the near future. The BSE Sensex rose 694.39 points or 0.88 percent to end at 79,476.63. The NSE Nifty50 index rose 217.95 points or 0.91 percent to close at 24,213.30 for the day.

Some popular large cap energy companies including NPTC Ltd. Cole India Ltd. And Electricity Grid Corporation of India Ltd. will likely remain the focus of traders’ attention in today’s session. Here’s what Pravesh Gour, senior technical analyst at Swastika Investment, has to say about the stock ahead of Wednesday’s trading session:

NPTK | Resistance: Rs 415-430 | Support: 400-385 rupees.

NTPC is clearly forming a series of lower lows and lower highs on the daily time frame. It is currently trading in a range, with the Rs 400 mark serving as an important support level, backed by the 100-day EMA. On the other hand, Rs 415 functions as a supply zone, acting as a key resistance. If the counter breaks above Rs 415, we can expect a move towards the Rs 428-430 range. On the other hand, if the price breaks the Rs 400 support, it will open a potential path towards the Rs 385 level.

Coal India | Resistance: Rs 460 | Support: 410-400 rupees.

Coal India’s overall structure appears weak as the market has deviated from the classic head and shoulders pattern. The moving averages also indicate a bearish outlook, with the price trading below all key moving averages. The next support is around the Rs 410 level and a fall below 410 could take the price towards the important support at Rs 400 level. On the downside, any bounce could face resistance near the Rs 460 level where the 20 DMA is located.

Electricity Grid Corporation of India | Resistance: Rs 325 | Support: 310 rupees.

Power Grid has broken away from a double top formation on the daily timeframe and the chart structure indicates weakness. It is currently trading near the key support level of Rs 310, where the 200-day moving average is located. A dip below this level could trigger further weakening, potentially pushing the price towards the Rs 280 mark. On the downside, any bounce is likely to face resistance near the Rs 325 zone where the 100-day moving average is located.