Power Finance Corporation, IREDA, Dredging Corporation, RCF and BEML Among Major Losers in PSU Segment
Power Finance Corporation, IREDA, Dredging Corporation, RCF and BEML were among major losers in public sector segment. Many stocks have witnessed sustained selling over the last few weeks. While there was a pullback rally for some PSU stocks before Union Budget, currently we are seeing selling returning to some of the PSU companies. Indian market sentiment has turned bearish and we could see further selling. TopNews has reviewed technical levels for some of the public sector companies with strong volumes and higher volatility.
Power Finance Corporation: The stock is trading near Rs 398, with strong support around Rs 374. A breakout above Rs 400 could indicate further upside, targeting Fibonacci levels near Rs 414.
IREDA: Currently priced at Rs 184, the stock has resistance near Rs 185. Watch for movements toward Rs 261 on positive momentum.
RCF: Trading at Rs 150.79, RCF has shown recovery from lower levels. Immediate resistance is visible around Rs 192.
BEML: With a price of Rs 3,085, BEML holds crucial support near Rs 2,920. Breaks above Rs 3,095 could drive it toward Rs 4,235.
Dredging Corporation of India: At Rs 671.30, the stock faces resistance near Rs 680. A move above this level could target Rs 1,112 in the medium term.
Fibonacci Levels
| Stock | Current Price | 52-wk High | 52-wk Low | Fibonacci (23.6%) | Fibonacci (38.2%) | Fibonacci (50.0%) | Fibonacci (61.8%) |
|---|---|---|---|---|---|---|---|
| Power Finance Corporation | Rs 398.05 | Rs 580.00 | Rs 351.70 | Rs 442.18 | Rs 414.61 | Rs 465.85 | Rs 387.28 |
| IREDA | Rs 184.00 | Rs 310.00 | Rs 121.05 | Rs 261.46 | Rs 234.71 | Rs 215.53 | Rs 187.78 |
| RCF | Rs 150.79 | Rs 245.00 | Rs 118.40 | Rs 215.71 | Rs 192.56 | Rs 181.70 | Rs 158.55 |
| BEML | Rs 3,085.25 | Rs 5,488.00 | Rs 2,671.90 | Rs 4,809.09 | Rs 4,235.08 | Rs 4,079.95 | Rs 3,505.94 |
| Dredging Corporation of India | Rs 671.30 | Rs 1,457.95 | Rs 610.00 | Rs 1,283.14 | Rs 1,112.59 | Rs 1,033.98 | Rs 863.43 |
Indian Stocks Witness More Selling as Investors Remain Cautious
India's benchmark stock indices, Sensex and Nifty, suffered a sharp decline of over 1.3% on Tuesday, marking their largest single-day drop in three weeks and extending losses for a fifth consecutive session. Market sentiment was rattled by escalating US trade tensions following new tariffs imposed by President Donald Trump, persistent foreign fund outflows, and underwhelming corporate earnings for the third quarter.
Earnings-related disappointments further weighed on investor confidence. Shares of Eicher Motors tumbled 7% after the company missed profit and margin expectations for Q3 FY25, pressured by higher costs and a drop in high-margin motorcycle sales. Similarly, Escorts Kubota saw its stock fall 5.3% following weak earnings and a cautious outlook for the upcoming quarters.
The downturn was exacerbated by valuation concerns in the midcap and smallcap segments. S. Naren, CIO of ICICI Prudential AMC, recently cautioned investors about "absurd" valuations in these categories and advised a complete exit from small- and mid-cap stocks. This warning, combined with weaker-than-expected earnings reports, deepened the negative market sentiment.
