Indian markets are witnessing higher volatility this week with market players not sure about the direction for the market. The sentiment is cautious but markets are moving strongly between a range. Over the last five sessions, NSE Nifty has declined 605 points. ONGC, trading near Rs 272, is poised for recovery as it hovers around the 38.2% Fibonacci retracement level, with resistance at Rs 277.35 and support at Rs 263.19. HUDCO, at Rs 237.80, trades below the 23.6% Fibonacci level, indicating potential downside risk but offers an attractive accumulation zone near Rs 230. NALCO, positioned near Rs 203, is trading close to its 38.2% level, with key resistance at Rs 226.68, making it ideal for medium-term investors.

BHEL, at Rs 223.85, faces resistance near Rs 236.47 but holds long-term growth potential as it recovers from recent lows. REC, trading at Rs 504, exhibits strength near its 23.6% Fibonacci level, with resistance at Rs 514.10 and support at Rs 467.46, offering a balanced risk-reward opportunity. Finally, PFC, at Rs 435.50, is just below its 38.2% retracement, with a breakout potential toward Rs 459.22.

These stocks present varied opportunities for traders and investors, with breakout levels and strong fundamentals making them compelling for both short- and long-term portfolios.

Fibonacci Levels and Key Insights

ONGC

Fibonacci Levels:
23.6%: Rs 238.78
38.2%: Rs 263.19
50.0%: Rs 277.35
61.8%: Rs 291.51
Insights:
ONGC is trading near the 38.2% retracement level, indicating potential consolidation.
A breakout above Rs 277.35 could trigger further bullish momentum.
Support lies around Rs 263.19, with resistance at Rs 277.35.

HUDCO

Fibonacci Levels:
23.6%: Rs 221.99
38.2%: Rs 258.24
50.0%: Rs 288.20
61.8%: Rs 318.16
Insights:
HUDCO is trading below its 23.6% level, suggesting potential downside risk.
Strong support exists at Rs 221.99, with resistance at Rs 258.24.
Long-term investors can accumulate near Rs 230 for medium-term gains.

NALCO

Fibonacci Levels:
23.6%: Rs 167.49
38.2%: Rs 191.96
50.0%: Rs 192.92
61.8%: Rs 226.68
Insights:
NALCO is trading near the 38.2% retracement level, indicating potential accumulation.
Resistance lies at Rs 226.68, while support is around Rs 191.96.
Investors should watch for a breakout above Rs 203 for momentum.

BHEL

Fibonacci Levels:
23.6%: Rs 236.47
38.2%: Rs 269.12
50.0%: Rs 282.68
61.8%: Rs 296.24
Insights:
BHEL is trading below its 23.6% retracement, indicating potential weakness.
Resistance levels at Rs 269.12 could serve as a breakout point for bullish momentum.
Investors should wait for confirmation above Rs 236 before entering.

REC

Fibonacci Levels:
23.6%: Rs 467.46
38.2%: Rs 514.10
50.0%: Rs 531.15
61.8%: Rs 578.20
Insights:
REC is trading near its 23.6% level, suggesting potential upward movement.
A breakout above Rs 514.10 could push it toward Rs 531.15.
Support is strong at Rs 467.46 for short-term investors.

Power Finance Corporation

Fibonacci Levels:
23.6%: Rs 396.58
38.2%: Rs 459.22
50.0%: Rs 480.85
61.8%: Rs 502.48
Insights:
Power Finance is trading just below its 38.2% level, indicating a potential breakout.
Resistance lies at Rs 459.22, with support at Rs 396.58.
Watch for upward momentum above Rs 459 for medium-term gains.
Actionable Insights for Investors
Short-Term Trades: Focus on breakout levels for REC and ONGC as they show immediate potential.
Medium-Term Opportunities: HUDCO and NALCO offer attractive entry points near support levels.
Long-Term Investments: Power Finance Corporation and BHEL are positioned well for value investors, given their sectoral growth potential.