NMDC, NHPC, Bharat Forge, IREDA Showing Breakout Potential? SEBI RA Spots Bullish Setups In These 4 Stocks
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Synopsis
The setups are backed by key moving average supports, bullish crossovers, and improving momentum indicators.
Shares of NMDC, NHPC, Bharat Forge, and Indian Renewable Energy Development Agency are showing strong breakout potential, according to SEBI-registered analyst Anupam Bajpai.
NMDC
Bajpai said NMDC has resumed its uptrend after taking support at the 200-day moving average on June 4.
With a close above ₹73.5, the stock has broken its consolidation phase and may move toward ₹78, supported by a bullish crossover between the 20- and 200-day moving averages.
NHPC
In NHPC, Bajpai highlighted a May 9 Bollinger Band breakout, which signaled an oversold condition and preceded a strong rally.
Since May 19, the stock has been consolidating, with support confirmed on June 3–4 at the 50-day moving average.
Bajpai sees potential for the stock to climb toward ₹96, with support at ₹90.83.
Bharat Forge
Bharat Forge, Bajpai noted, broke out above ₹1,280 and the 200-day moving average after three weeks of consolidation between ₹1,220–₹1,280.
The stock may now move toward ₹1,360, with the 200-DMA and ₹1,280 acting as new support levels.
Indian Renewable Energy Development Agency
IREDA also exited a consolidation zone and showed a bullish crossover between the 20- and 100-exponential moving averages.
Bajpai said the RSI reading of 64 supports a continued uptrend, with a possible target of ₹194.
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