Rail Vikas Nigam (RVNL), Power Grid, NHPC and NTPC were among major gainers in today's trade. Indian markets have been facing intense selling pressure for a few weeks and a technical pullback was much awaited by majority of market participants. During the last year as markets were rising, any correction was missing. Every small correction was led by stronger buying, pushing the indices higher. This time, the selling has been intense while the major indices have not lost much. Nifty 50 has declined just 6 percent year to date but some stocks have witnessed nearly 50 percent decline from their yearly highs. Today, we have witnessed strong buying from lower levels in PSU stocks. TopNews Team has reviewed technical levels for some of the stocks. Traders and short term investors should carefully check the levels and enter buying positions only if the trend is positive. We might see selling at higher levels.

Quick Stock Analysis and Fibonacci Levels

RVNL

Market Overview: RVNL is currently trading between Rs. 330.30 and Rs. 351.40, with a 52-week range of Rs. 213.05 to Rs. 647.00.
Fibonacci Insights: Resistance at Rs. 430.02 (50%) and Rs. 481.23 (61%) will be critical for the stock’s future movement.
Investment Insight: The stock is in a consolidation phase—investors should look for breakout confirmations before making decisions.

Power Grid

Market Overview: Power Grid has traded between Rs. 255.75 and Rs. 264.00 today, while its 52-week range stands at Rs. 247.30 to Rs. 366.25.
Fibonacci Insights: Key resistance at Rs. 306.77 (50%) and Rs. 320.81 (61%) could impact future rallies.
Investment Insight: Defensive investors may find value in dividend yield and low volatility while monitoring resistance levels.

NHPC Limited

Market Overview: NHPC Limited has seen a range of Rs. 74.00 to Rs. 75.99 today, with a broader 52-week range of Rs. 71.00 to Rs. 118.40.
Fibonacci Insights: Resistance at Rs. 94.70 (50%) and Rs. 100.29 (61%) will be important if the stock attempts recovery.
Investment Insight: Sitting near key support, NHPC could present a buying opportunity if it rebounds from current levels.

NTPC

Market Overview: NTPC has been trading between Rs. 313.50 and Rs. 324.20, with a 52-week high of Rs. 448.45 and a low of Rs. 292.80.
Fibonacci Insights: Resistance at Rs. 370.62 (50%) and Rs. 388.99 (61%) must be watched for breakout confirmation.
Investment Insight: Strong fundamentals make NTPC a long-term buy, but traders should wait for trend confirmation.

Fibonacci Insights