Chart Check: Triangle pattern breakout on NTPC could take it towards Rs 200 level; time to buy?

Power company NTPC, which is listed on India’s S&P BSE Sensex index, has hit a fresh record high, with chart patterns indicating the rally could continue. Traders could consider buying the stock for a potential target of INR 200 ($2.67), say experts. A triangle breakout was witnessed on the weekly chart, and support has continued to hold above its 50-week moving average so far this year, while higher highs and higher lows suggest the base is moving higher. Despite being in overbought territory, the NTPC could push past the INR 200 level, said Equity Derivatives & Technicals analyst Arpit Beriwal.