Budget 2026 stock pick: Buy NTPC for up to 15% upside, says Choice’s Sumeet Bagadia
NTPC is comfortably trading above its key short- and long-term exponential moving averages (EMAs), a classic indicator of robust trend strength.
- Jan 28, 2026,
- Updated Jan 28, 2026 4:35 PM IST
Choice has identified state-owned power giant NTPC as its technical stock pick for Budget 2026. On Wednesday, shares of NTPC rose 0.88 per cent to close at Rs 348.20 apiece over its previous close of Rs 345.15 on the BSE.
In a note led by Executive Director Sumeet Bagadia, the firm has recommended a target price up to Rs 400, a potential upside of nearly 15 per cent from current levels
Choice said that NTPC is displaying clear signs of strength on the daily charts. The brokerage pointed out that the stock has delivered a decisive trendline resistance breakout and, crucially, has successfully retested this breakout zone.
The Relative Strength Index (RSI) stands at 59.86 and is trending higher, suggesting improving momentum without overbought conditions. Choice said that after a recent healthy retracement, the stock staged a rebound accompanied by healthy volumes, which signals accumulation rather than distribution.
According to the analysts at Choice, this price signals a strong acceptance of higher levels and points to renewed buying interest.
Choice noted that the stock continues to trade in a ‘higher high-higher low formation,’ which indicated a well-established longer-term uptrend. NTPC is comfortably trading above its key short- and long-term exponential moving averages (EMAs), a classic indicator of robust trend strength, it said.
The brokerage suggested buying NPTC stock around Rs 348, with dips offering accumulation opportunities up to 340. The immediate support is placed in the 340 zone, which coincides with the previous breakout area and the 200-day EMA, making it a crucial demand zone, Choice said.
Choice has set a target price of Rs 383–400. The brokerage said to maintain positional support near 323 to manage downside risk.
Choice has identified state-owned power giant NTPC as its technical stock pick for Budget 2026. On Wednesday, shares of NTPC rose 0.88 per cent to close at Rs 348.20 apiece over its previous close of Rs 345.15 on the BSE.
In a note led by Executive Director Sumeet Bagadia, the firm has recommended a target price up to Rs 400, a potential upside of nearly 15 per cent from current levels
Choice said that NTPC is displaying clear signs of strength on the daily charts. The brokerage pointed out that the stock has delivered a decisive trendline resistance breakout and, crucially, has successfully retested this breakout zone.
The Relative Strength Index (RSI) stands at 59.86 and is trending higher, suggesting improving momentum without overbought conditions. Choice said that after a recent healthy retracement, the stock staged a rebound accompanied by healthy volumes, which signals accumulation rather than distribution.
According to the analysts at Choice, this price signals a strong acceptance of higher levels and points to renewed buying interest.
Choice noted that the stock continues to trade in a ‘higher high-higher low formation,’ which indicated a well-established longer-term uptrend. NTPC is comfortably trading above its key short- and long-term exponential moving averages (EMAs), a classic indicator of robust trend strength, it said.
The brokerage suggested buying NPTC stock around Rs 348, with dips offering accumulation opportunities up to 340. The immediate support is placed in the 340 zone, which coincides with the previous breakout area and the 200-day EMA, making it a crucial demand zone, Choice said.
Choice has set a target price of Rs 383–400. The brokerage said to maintain positional support near 323 to manage downside risk.