HUDCO, IREDA, BEML, RCF, Mazagon Dock, Dredging Corporation were top performing Public Sector stocks during early trading session. HUDCO and IREDA witnessed bullish breakout and both stocks were trading more than 7 percent higher compared to previous close. Indian markets were trading slightly positive today and NSE Nifty was trying to cross 24,300 levels. Select stocks were witnessing strong buying today.

Rashtriya Chemicals and Fertilizers Limited: Technical Analysis

Based on the current price of RCF, TopNews presents a comprehensive technical analysis for Rashtriya Chemicals and Fertilizers Limited (RCF), incorporating candlestick patterns, Fibonacci retracement levels, and support/resistance levels.

Candlestick Pattern Analysis

Pattern Observed:

The stock exhibits a Bullish pattern, as the calculated close price suggests positive momentum. This indicates a potential upward trend or renewed buying interest in the near term.

Fibonacci Retracement Levels

The Fibonacci retracement levels, calculated using the 52-week high of Rs 245.00 and low of Rs 118.40, are as follows:

23.6% Level: Rs 213.60
38.2% Level: Rs 192.48
50% Level: Rs 181.70
61.8% Level: Rs 170.92
78.6% Level: Rs 153.06
Key Insight:

The stock is currently near the 61.8% retracement level (Rs 170.92), which serves as a crucial support zone. A breakout above Rs 192.48 (38.2%) could signal a bullish move toward Rs 213.60.

Support and Resistance Levels

Using the price data, the support and resistance levels are:

Support Level 1: Rs 155.20
Resistance Level 1: Rs 186.10
Key Insight:

If the price holds above Rs 166.05, it may approach Rs 186.10 as the next resistance level. A breach of Rs 155.20 could indicate a downside risk, leading to further consolidation.

Actionable Insights

1. Short-Term Trading Strategy:

Consider entering long positions if the stock sustains above Rs 170.92 (61.8% Fibonacci level), with a target of Rs 192.48 and Rs 213.60 in the short term.
2. Risk Management:

Place a stop-loss below Rs 155.20 to mitigate downside risks, particularly if the stock struggles to maintain support levels.
3. Long-Term Outlook:

RCF's potential growth in the agricultural and industrial chemicals space, coupled with favorable government policies, makes it a viable candidate for long-term portfolios.

HUDCO Stock Technical Analysis

Based on the current price of HUDCO, TopNews presents detailed technical analysis for HUDCO, focusing on candlestick patterns, Fibonacci retracement levels, and support/resistance levels.

Candlestick Pattern Analysis

Pattern Observed:

Based on the daily price data, the stock demonstrates a Bullish pattern, indicating potential upward momentum. The average closing price, calculated as an approximation, supports a positive sentiment in the market.

Fibonacci Retracement Levels

The Fibonacci retracement levels, calculated using the 52-week high of Rs 353.70 and low of Rs 81.20, are as follows:

23.6% Level: Rs 283.03
38.2% Level: Rs 245.45
50% Level: Rs 217.45
61.8% Level: Rs 189.45
78.6% Level: Rs 146.07
Key Insight:

A breakout above Rs 245.45 (38.2% retracement) could indicate renewed buying interest, potentially targeting Rs 283.03.
On the downside, Rs 217.45 (50% retracement) acts as a critical support zone to monitor.

Support and Resistance Levels

Using the provided price data, the support and resistance levels are:

Support Level 1: Rs 205.22
Resistance Level 1: Rs 258.26
Key Insight:

If the price holds above Rs 223.11, the next resistance target lies at Rs 258.26.
Failure to maintain Rs 222.90 as support may push the stock toward Rs 205.22, indicating a potential consolidation phase.

Actionable Insights

Short-Term Strategy:

Traders can look for long positions if the stock breaks and sustains above Rs 245.45 (38.2% Fibonacci level), with a target of Rs 283.03.
Risk Management:

A stop-loss can be placed below Rs 217.45 to mitigate downside risks.
Long-Term Outlook:

The stock’s performance hinges on broader market trends and sectoral strength. The 52-week high of Rs 353.70 indicates substantial upside potential if the stock regains momentum.
Monitor Trends:

Watch for strong buying volume around support levels (Rs 217.45 and Rs 205.22) for indications of reversal.