PSU Stock Below Rs 100: Sumeet Bagadia Is Bullish On This Miniratna Stock For Rs 97 TP

As of Tuesday's closing session, NHPC Ltd., a large-cap company in the power industry, has a market capitalization of Rs 86,085.95 Cr. The largest hydropower development company in India, NHPC Limited, is a Miniratna CPSE. PSU stock closed the day 0.76% higher at Rs 85.70 a share following Choice Broking executive director Sumeet Bagadia's recommendation to buy the stock with a target price of Rs 97.

NHPC Share Price Target

Buy NHPC @ 86 and add up to 84.25 with a target of 97 and a stop loss at 80.5. Duration: 1 to 3 months

NHPC is presently trading at Rs 86, having recently broken out of its daily trendline with a notable surge in trading volume. This breakout suggests potential further upward movement, with projected price targets set at Rs 97.

A significant support level is identified near Rs 80.5 on the downside. Furthermore, NHPC is currently trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This indicates a robust bullish momentum, signaling the likelihood of sustained upward price action.

The Relative Strength Index (RSI) stands at 49.4, implying an upward trajectory and affirming an increase in buying momentum. To effectively manage risk, it is advisable to establish a stop-loss (SL) at Rs 80.5 to protect the investment against unexpected market reversals.

A prudent approach involves considering buying opportunities during market dips at levels around Rs 84.25. In summary, based on technical analysis and prevailing market conditions, NHPC presents a promising buying opportunity for those targeting a Rs 97 price objective, contingent upon implementing prudent risk management measures.

NHPC News

"In compliance to Regulation 29 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is to inform that a meeting of Board of Directors of the company is scheduled to be held on Wednesday, 27th March, 2024 to inter-alia consider the proposal for raising of debt during financial years 2023-24 and 2024-25," said NHPC in a stock exchange filing.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.