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Technical Picks to Keep an Eye on Lupin & NHPC

04 July 20245 mins read by Angel One
Lupin & NHPC trade around support and price contraction phase, signalling potential breakout with momentum on their respective charts.
Technical Picks to Keep an Eye on Lupin & NHPC
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Based on technical analysis, Lupin & NHPC are identified as upside potential stocks. Both stocks have displayed promising structures and technical setups, including price volume contraction, and the potential to bounce back and breakout. Currently trading at Rs 1,719.80 and Rs 102.87 respectively, their price aligns with positive signals from technical indicators like RSI and ADX, suggesting a likely breakout scenario.

Lupin Ltd

The daily chart of Lupin Ltd

On the daily chart, Lupin Ltd is presently showing a promising picture; the stock price is trading near 52-week high. The stock price may resume its strong momentum-up in the coming trading sessions if it manages to cross and close above the resistance marked on the chart, with the support of decent volume.

Those considering a possible trade-in Lupin might purchase the stock at the current price with a stop loss at Rs 1,625 on a closing basis and aim to capitalise above the 52-week high.

The stock price is currently trading above its 50-day EMA, suggesting it is likely about to turn short-term bullish once more after the signs of sustenance above the current level. The stock appears bullish when one looks at the Relative Strength Index, which is now trading at 69. The ADX of 17 indicates the present state of price momentum, which is moving with normal momentum.

In the event of a retracement, it is essential to monitor key support levels, particularly at 50-day EMA. The minor upper resistance is marked on the chart and if the stock closes above resistances, then it may consistently trade above current levels.

Lupin Ltd. is an innovation led transnational pharmaceutical company, which engages in the business of producing, developing, and marketing a wide range of branded and generic formulations, biotechnology products, and active pharmaceutical ingredients.

NHPC Ltd 

The daily chart of NHPC Ltd

NHPC Ltd’s current performance is indicated by a favorable technical setup. The company’s shares are now trading at Rs 102 and may start the uptrend from the current levels as it has given a breakout of the consolidation. The stock price is currently trading above all the important moving averages and bouncing from the 50-day EMA.

Those interested in possible trade-in NHPC Ltd could purchase the stock at the present price, setting a stop loss below Rs 160, and aim for a target price around 52-week high.

The stock is trading above its all-important moving averages, and it is expected to find support near on 50-day EMA. The Relative Strength Index is trading near neutral levels at 55. This implies there may be potential for an increase in stock price strength. The ADX, now around 8, shows very low momentum and directional strength.

The level at the 50-day EMA serves as a crucial indicator for corrective movement, and the overall market structure favors traders if the stock sustains the current level and trades above it.

NHPC Ltd. engages in the business of generating hydroelectric power.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.

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