Dredging Corporation, SAIL and HPCL were among gainers in PSU stocks while IREDA, NTPC, NHPC and NTPC Green Energy closed the session in negative territory. NSE Nifty closed 0.4 percent lower and majority of the time, the indices remained in negative territory. Indian markets have witnessed strong recovery from lower levels and today's session resulted in slight decline for the markets. In many stocks, selling pressure was evident at higher levels. TopNews Team has reviewed technical levels for some of the highest trading public sector stocks.

Dredging Corporation
Dredging Corp’s intraday high of Rs 640.85 sets a short-term resistance, while Rs 617.52 (Fib 61.8%) could act as a critical support level.
Watch for a pullback toward Rs 621.98 (Fib 50%) as a potential entry zone if broader market sentiment remains stable.
Break above Rs 640.85 may reopen bullish momentum towards previous highs.

SAIL
SAIL trades within a tight range, with Fibonacci support visible near Rs 117.09 (61.8% level).
Given its relatively small intraday spread, Rs 117.99 (23.6%) will serve as the initial hurdle for bullish continuation.
Breakdown below Rs 116.70 may increase near-term selling pressure.

HPCL
HPCL's range suggests consolidation; Rs 390.65 (Fib 50%) stands as a key pivot zone.
Sustained trade above Rs 392.42 (23.6%) could lead to retests of Rs 394 and beyond.
A dip below Rs 388.73 (78.6%) could attract short-term bearish sentiment.

IREDA
IREDA remains in a bullish zone; Rs 177.94 (Fib 50%) should be monitored as near-term support.
Upside momentum may resume if prices reclaim Rs 179.97 (23.6%) decisively.
Close below Rs 175.74 (78.6%) may weaken the current bullish structure.

NHPC
NHPC’s trend hinges on Rs 90.04 (Fib 50%), which marks a short-term equilibrium level.
If the stock sustains above Rs 90.63 (23.6%), a push toward recent highs is likely.
Failure to hold Rs 89.40 (78.6%) could signal deeper corrective moves.

Fibonacci retracement levels

Dredging Corporation in Focus

Short-Term Price Action
As of April 24, 2025, Dredging Corporation’s share price stood at ₹615.25, marking a 2.24% increase from the previous session. Over the past week, the stock has gained approximately 4.86%, and in the last month, it has moved up by 10.81%.

However, the three-month and six-month returns are negative, down 20.36% and 42.59% respectively, reflecting significant volatility and a sharp correction from prior highs.

The stock has shown strong short-term momentum, outperforming its sector on April 16, 2025, with a notable intraday rise and positioning itself above its 5-day, 20-day, and 50-day moving averages. However, it remains below its 100-day and 200-day averages, indicating that the broader trend is still under pressure.

Medium- and Long-Term Trends
Over the past year, Dredging Corporation’s stock has declined by 24.50%, with a year-to-date drop of 25.11% as of mid-April 2025.

Despite these recent setbacks, the five-year performance is robust: the stock has delivered a 239.57% gain over five years, significantly outpacing the Sensex’s 141.73% return in the same period. This translates to a compounded annual growth rate (CAGR) of about 23% over five years.

Volatility and Risk
The stock is considered highly volatile, with daily average swings of 4-5% and a wide prediction interval according to Bollinger Bands. On April 22, 2025, the stock moved ₹25.15 (4.62%) between its high and low for the day.

Technical indicators currently show a negative bias, with both short- and long-term moving averages signaling a sell, and a negative MACD (Moving Average Convergence Divergence) reinforcing this outlook. The stock is also oversold on the RSI (Relative Strength Index), suggesting potential for a technical rebound, but with elevated risk.