IRFC, IREDA, RVNL, BHEL, BEML, REC, NTPC Green Energy were among public sector stocks that faced intense selling pressure last week. Many of these stocks touched 52-week lows multiple times during the last few trading sessions. Indian markets are still facing bearish sentiment but we could also see a technical pullback. Some investors can also put in money in select stocks this week as value buying could be witnessed in stocks that have been hammered badly. Majority of companies in public sector have strong fundamentals and they present good opportunities to long term investors.

However, short term investors and traders should be highly cautious as markets could drop further from current levels. Any positions should be taken only after witnessing a trend reversal. Long term investors can start investing in select stocks in small quantities and add more if market drops further. TopNews Team has reviewed technical levels for traders in select PSU stocks.

IRFC

- Strong Support Zone: Rs 111.70 – A crucial level where buyers may step in to prevent further declines.
- Immediate Resistance: Rs 119.43 – A breakout above this level could signal further upside momentum.
- Retracement Opportunity: Rs 115.56 – The 50% Fibonacci level could act as a reversal or consolidation point.

IREDA

- Key Demand Zone: Rs 151.50 – A break below this level may trigger additional selling pressure.
- Major Resistance Point: Rs 162.33 – A sustained move above this level may lead to a bullish rally.
- Midpoint Reversal Level: Rs 156.92 – Watch for potential price action around this retracement zone.

RVNL

- Critical Support Range: Rs 328.00 – Bulls will need to defend this level to prevent a downward trend.
- Resistance Barrier: Rs 350.15 – A breakout here may open doors for further gains.
- Fibonacci Pivot Level: Rs 339.07 – The 50% retracement area could be a crucial decision point for traders.

BHEL

- Buyers’ Base Level: Rs 177.60 – A drop below this could lead to an extended bearish move.
- Strong Resistance Ceiling: Rs 186.52 – A breakout above this could push the stock higher.
- Key Trading Zone: Rs 182.06 – The halfway Fibonacci level may dictate future price movements.

BEML

- Support Floor: Rs 2447.90 – A solid base where buying interest may increase.
- Upside Resistance Zone: Rs 2588.70 – A break above this level could lead to further bullish action.
- Trend-Confirming Level: Rs 2518.30 – The 50% Fibonacci mark can act as a consolidation or reversal point.

REC

- Holding Support: Rs 357.35 – This level is key to avoiding further downside.
- Immediate Upside Target: Rs 376.00 – A break above this level could fuel bullish sentiment.
- Retracement Watch Level: Rs 366.68 – Monitor this midpoint for potential buy or sell signals.

NTPC Green Energy

- Strong Base Level: Rs 87.02 – A significant support zone where accumulation may occur.
- Crucial Resistance Point: Rs 92.00 – A push above this level may attract more buyers.
- Fibonacci Balance Zone: Rs 89.51 – A potential inflection point where price action could shift.

These Fibonacci levels serve as valuable indicators for traders, offering insight into potential entry and exit points.