Shares of SJVN, RailTel and NHPC rallied up to 5 per cent in intra-day deals on Monday, after the Indian government granted the four Central Public Sector Enterprises (CPSEs), including Solar Energy Corporation of India to ‘Navratna’ status.
The total count of ‘Navratna’ companies now has increased to 25 – including the likes of Bharat Electronics, Rail Vikas Nigam (RVNL), Hindustan Aeronautics, National Aluminium Company (Nalco), NMDC, Oil India and RITES among others.
Technically, what lies ahead for these three listed CPSE stocks? Here’s what the charts suggest:
SJVN
Current Price: Rs 136
Upside Potential: 12.5%
Support: Rs 134; Rs 130
Resistance: Rs 137; Rs 140; Rs 142; Rs 144
On the downside, strong support for SJVN stock lies at Rs 130 levels. On the daily scale, among the key momentum oscillators – the 14-day RSI has shown a positive crossover; further, the MACD (Moving Average Convergence-Divergence) and Slow Stochastic too are showing signs of potential positive crossovers.
Having said, that the stock will need to clear the barrage of resistances, including the ones at Rs 142 and Rs 144 for a potential rally towards Rs 153. Interim support for the stock can be expected at Rs 134.
NHPC
Current Price: Rs 98
Upside Potential: 12.2%
Support: Rs 96.50; Rs 93.50
Resistance: Rs 99.30; Rs 100.35; Rs 101.80
The medium-term chart suggests that break and sustained trade above Rs 100.35 levels, can open the doors for a rally towards Rs 110 levels. On the downside, support for the stock can be expected around its 20-DMA at Rs 96.50 and Rs 93.50.
RailTel Corporation of India
Current Price: Rs 499
Upside Potential: 13.4%
Support: Rs 488; Rs 476; Rs 454
Resistance: Rs 521
RailTel stock is seen testing resistance around its super trend line on the daily scale at Rs 521 levels. The near-term bias is likely to remain tepid as long as the stock fails to clear this hurdle. Beyond which the stock can potentially spurt to Rs 566 levels.
First Published: Sep 02 2024 | 1:29 PM IST