The stock of NTPC (₹347.25) is ruling at a crucial level. Immediate support is at ₹339 followed by a crucial one at ₹306. A close below the latter will change even the long-term outlook negative for NTPC.

Immediate resistance is at ₹353 and ₹380. We expect the stock to move in a narrow band with a positive bias in the short-term.

F&O pointers: NTPC August futures closed at ₹348.05 against the spot price of ₹347.25. The contract witnessed unwinding of open positions in the last couple of days even as the stock remained stable. But the rollover of open interests into August futures stood at 97 per cent, which is higher than last month as well as three-month average. Option trading indicates that the stock could move between ₹330 and ₹370.

Strategy: Buy NTPC August futures with an initial stop-loss at ₹341. While the target can be ₹362, trail the stop-loss as the contract moves higher.

Traders should keep it in mind that the market will remain volatile and hence this strategy is strictly for traders who can understand the risk involved in going long on futures, as this involves high margin commitments. Risk averse traders can stay away from this strategy. 

Also, stay away from this strategy, if NTPC August futures opens below ₹345 or above ₹352. 

Follow-up: We had advised going long on LIC futures. The stock has moved in a narrow band and traders can continue to hold the position.

Note: The recommendations are based on technical analysis and F&O positions. There is a risk of loss in trading

Published on August 1, 2026