NHPC zooms 12% after strong OFS, charges up power index

The strong performance of NHPC and other power stocks helped the BSE power index to move 2 percent higher

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Shares of NHPC surged 12 percent intraday on January 20, a day after the government-owned company’s successful offer for sale (OFS), which got a strong response from retail as well as institutional investors.

The stock’s performance and those of others powered the BSE power index up 2 percent.  Adani Power, Adani Transmission and Powergrid, too, were up between 1.2 and 2.4 percent.

At 1.13 pm, NHPC was trading at Rs 81.1, up 8 percent from the previous day’s close, and BSE Power Index was trading at 6,012.26 level, up 2.15 percent.

Through the OFS, the government off loaded 3.5 percent stake at a floor price of Rs 66 a share. The OFS opened for institutions on January 18 and received bids for 91 crore shares against the 22.6 crores shares on offer. The retail portion, which opened the next day, received bids for 3.8 crore shares against 2.5 crore shares reserved.

Tech view

NHPC saw consolidation breakout to move above its critical moving average, which led to strength in up move, technical analysts said.

“The stock has been in a strong upward move since the last two months, gaining strength and recently with some consolidation witnessed has been hovering between the band of 68.50 and 74 zone for quite some time.

Currently, once again with a fresh bullish candle pattern visible on the daily chart it has indicated a breakout above the 74 – 74.50 zone to strengthen the trend further to anticipate for further rise with the next targets of 89 and 95 levels visible with the near-term support placed at 78 zone,” said Shiju Koothupalakkal, Technical Research Analyst of Prabhudas Lilladher.

According to Rupak De, Senior Technical Analyst at LKP Securities, the stock has seen a rise in optimism after its consolidation breakout on the daily chart.

“Besides, the stock has been sustaining above the critical moving average. The RSI is in bullish crossover on the daily timeframe. On the higher end, it might move towards 91. Support is placed at 77,” he added.

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