RCF, HMT, IREDA, ONGC, Dredging Corporation and NALCO Shares Jump as Market Trend Turns Positive
RCF, HMT, IREDA, ONGC, Dredging Corporation and NALCO were top performers among public sector stocks. Markets witnessed a smart recovery on Tuesday and we can expect strong performance on Wednesday as well. If the positive trend continues, we could see fresh bullish breakout in IREDA and ONGC.
Fibonacci Levels and Insights
NALCO
Fibonacci Levels (52-week high: Rs 262.99, 52-week low: Rs 121.85):
23.6%: Rs 155.68
38.2%: Rs 180.63
50%: Rs 192.42
61.8%: Rs 204.21
Key Insights:
NALCO is trading near Rs 207.55, close to the 61.8% Fibonacci level, indicating potential consolidation.
A breakout above Rs 207.55 could lead to a rally toward Rs 220 levels.
Support lies around Rs 201, with a strong base at Rs 192.42.
Rashtriya Chemicals and Fertilizers (RCF)
Fibonacci Levels (52-week high: Rs 245.00, 52-week low: Rs 118.40):
23.6%: Rs 149.22
38.2%: Rs 172.50
50%: Rs 181.70
61.8%: Rs 190.90
Key Insights:
RCF is trading close to Rs 184.40, slightly above the 50% Fibonacci retracement, indicating bullish potential.
A sustained move above Rs 190.90 may push it toward Rs 200 in the short term.
Support levels are Rs 172.50 and Rs 169, offering a strong buying opportunity.
Price Action in PSU Stocks
| Stock | Open (Rs) | High (Rs) | Low (Rs) | Market Cap | P/E Ratio | Dividend Yield | 52-Week High (Rs) | 52-Week Low (Rs) |
|---|---|---|---|---|---|---|---|---|
| NALCO | 201.49 | 207.55 | 201.00 | 37.83K Cr | 12.14 | 3.90% | 262.99 | 121.85 |
| RCF | 169.00 | 184.40 | 169.00 | 9.96K Cr | 50.88 | 0.69% | 245.00 | 118.40 |
| ONGC | 259.15 | 267.40 | 258.05 | 3.32L Cr | 7.38 | 4.73% | 345.00 | 209.70 |
| IREDA | 215.70 | 222.90 | 213.64 | 58.82K Cr | 39.75 | - | 310.00 | 101.20 |
ONGC
Fibonacci Levels (52-week high: Rs 345.00, 52-week low: Rs 209.70):
23.6%: Rs 243.48
38.2%: Rs 268.50
50%: Rs 277.35
61.8%: Rs 286.20
Key Insights:
ONGC is currently trading near Rs 267.40, close to the 38.2% Fibonacci level, indicating a potential resistance zone.
If the stock surpasses Rs 268.50, it could test Rs 277.35 levels.
Strong support exists around Rs 258, making it a low-risk entry point.
IREDA
Fibonacci Levels (52-week high: Rs 310.00, 52-week low: Rs 101.20):
23.6%: Rs 163.63
38.2%: Rs 196.77
50%: Rs 205.60
61.8%: Rs 214.43
Key Insights:
IREDA is trading near Rs 222.90, slightly above the 61.8% Fibonacci level, indicating bullish momentum.
A breakout above Rs 222.90 could propel the stock toward Rs 230–240 levels.
Support is robust around Rs 213, offering a good accumulation zone for long-term investors.
