NALCO, Engineers India, NMDC, NTPC Green Energy were among major gainers in PSU segment as Indian markets finally managed sustained buying from lower levels. Markets have been facing selling pressure over the last few weeks and a relief rally was expected. TopNews had earlier reported that some of the stocks in PSU sector could see strong upside move as they have witnessed major decline in the past couple of weeks. Many stocks were repeatedly touching new 52-week lows as selling pressure was intense. However, traders and short term investors should carefully watch market trends as we could see selling at higher levels again. Long term investors can consider taking partial buy positions in some stocks that have witnessed major decline from recent highs. TopNews has reviewed technical charts for these stocks for short term traders.

Technical Analysis Insights for Each Stock

NALCO

The key resistance level is near Rs 190.20, and a breakout above this could signal bullish momentum.
The 50% retracement level at Rs 184.65 could act as a critical support zone for buyers.
If prices drop below Rs 179.10, further downside pressure may push the stock towards lower Fibonacci levels.

Engineers India

The stock faces strong resistance at Rs 159.70, and sustained buying pressure is needed for an upward move.
Rs 153.85 (50% retracement) could serve as a key support level for trend continuation.
A break below Rs 148.00 may indicate bearish sentiment, leading to further declines.

NMDC

Immediate resistance at Rs 65.60 needs to be cleared for bullish momentum to continue.
The 50% Fibonacci level at Rs 63.92 acts as an intermediate support zone.
A fall below Rs 62.24 could trigger additional selling pressure in the short term.

NTPC Green Energy

The major resistance lies at Rs 91.70, with further upside possible if the stock breaks this level.
Rs 88.94 (50% Fibonacci retracement) is a crucial support that could stabilize the price action.
A decline below Rs 86.17 might signal increased bearish activity, leading to deeper corrections.

Technical Levels for Short Term Traders