REC Share price jumped by 3 percent on Wednesday while overall market trend was sideways. REC touched 52-week low on February 3rd and has managed to recover nearly 10 percent from yearly lows. We can now consider Rs 402 as a strong support from this public sector energy major. REC opened today at Rs 429 and touched intraday high at Rs 444 before closing the session at Rs 440. REC Limited presents a compelling case for investors, with a favorable P/E ratio and promising analyst forecasts. However, technical indicators suggest caution due to potential resistance levels.

Analyst Insights

Recent analyses provide a positive outlook for REC Limited. The average one-year price target is ₹699.44, with forecasts ranging from ₹636.30 to ₹850.50. This suggests a potential upside of approximately 62% from the current price.

Technical Analysis

A thorough technical examination reveals the following:

Candlestick Patterns:

Recent Trends: The stock has been in a falling trend channel in the medium to long term, indicating negative development and declining buy interest.
Fibonacci Levels:

Applying Fibonacci retracement to recent price movements:

0% Level (Recent Low): ₹402.00
23.6% Retracement: ₹465.35
38.2% Retracement: ₹490.00
50% Retracement: ₹528.00
61.8% Retracement: ₹566.00
100% Level (Recent High): ₹654.00
The stock is currently trading near the 23.6% retracement level, suggesting potential resistance around ₹465.35.

Support and Resistance Levels:

Immediate Support: ₹428.55 (Intraday Low)
Immediate Resistance: ₹444.00 (Intraday High)
Key Support Level: ₹402.00 (52-Week Low)
Key Resistance Level: ₹654.00 (52-Week High)
These levels are crucial for traders to monitor potential breakout or breakdown scenarios.

Stock Performance Overview

REC Limited's stock has exhibited notable activity:

Opening Price: ₹429.00
Intraday High: ₹444.00
Intraday Low: ₹428.55
Market Capitalization: ₹1.16 trillion
Price-to-Earnings (P/E) Ratio: 7.79
Dividend Yield: 3.86%
52-Week High: ₹654.00
52-Week Low: ₹402.00