HDFC Bank (₹1,769.85)
Breaks out of a resistance
In the recent weeks, HDFC Bank’s stock has been trading within a narrow range between ₹1,670 and ₹1,740. However, there has been a breakthrough as the stock managed to surpass the resistance level at ₹1,740. This breakout could potentially lead to a further rally in the stock price. While there might be a minor pullback to ₹1,740, the overall trend seems bullish with a target of ₹1,875.
Traders can consider buying at current levels around ₹1,760 and also on a dip to ₹1,740. Place a stop-loss at ₹1,700 initially. As the stock moves up to ₹1,810, trail the stop-loss to ₹1,770. Further adjustments can be made at ₹1,840 and ₹1,875 for booking profits.
NMDC (₹67.49)
In accumulation phase
After a period of consolidation that started at the beginning of the year, the stock of NMDC is currently in an accumulation phase. Despite market fluctuations earlier this year, NMDC managed to maintain its sideways movement, indicating a positive accumulation pattern. With a breakout above ₹68, the stock could potentially target ₹82 in the near term.
Investors can look to buy NMDC shares at ₹67 and add more on a dip to ₹63. Place a stop-loss at ₹58 to manage risk. Adjust stop-loss levels to ₹66, ₹72, and ₹78 as the stock moves upwards and consider booking profits at ₹82.
ONGC (₹242.55)
Shows bullish inclination
Oil & Natural Gas Corporation (ONGC) stock has exhibited a bullish trend after bouncing back from the ₹220 level twice in recent weeks. With a breakout above the resistance at ₹234 and trading above the 20-day moving average, ONGC is showing signs of a bullish bias.
Traders can consider buying ONGC shares at ₹240 with additional accumulation at ₹225. Place a stop-loss at ₹210 initially and adjust it to ₹250, ₹270, and ₹300 as the stock progresses upwards. Consider exiting the position at ₹300 for potential profits.
