Introduction:-

In the latest market update, domestic stocks indices continued their winning streak for the seventh consecutive session on Wednesday.

Notable buying interest was observed in heavyweight stocks, including Reliance Industries, as well as select IT and FMCG stocks.

The BSE Sensex demonstrated notable strength by advancing 357.59 points, equivalent to a 0.52% gain, concluding the day at 69,653.73.

Similarly, the NSE Nifty exhibited resilience by adding 82.60 points, translating to a 0.40% increase, to settle at 20,937.70.

As Thursday’s trading session approaches, certain stocks are poised to capture attention, notably Hindustan Zinc Ltd, National Aluminium Ltd (Nalco), and NDMC Ltd.

Laxmikant Shukla, a Technical Research Analyst at YES Securities, shares insights on these spotlighted stocks, offering valuable perspectives for investors navigating the upcoming market dynamics.

Hindustan Zinc Ltd, recognized as a key player, is anticipated to attract investor interest.

National Aluminium Ltd (Nalco) and NDMC Ltd also emerge as notable contenders in the spotlight for the trading day ahead.

Shukla’s technical analysis provides a strategic lens for investors, guiding them through potential opportunities and challenges associated with these stocks.

Hindustan Zinc Ltd stocks:-

(BUY, TARGET PRICE: Rs 365, STOP LOSS: Rs 305)

Hindustan Zinc is displaying promising signs with a breakout from a falling trendline on the weekly chart, reminiscent of its movement in August 2020.

The recent breach of a descending trendline, originating from the peak of Rs 383, signals the end of a short-term downtrend.

Notably, the stock has reclaimed positions above all key moving averages on the weekly chart, showcasing its regained strength.

This positive momentum positions Hindustan Zinc for potential follow-up buying, making it an attractive prospect for investors.

Consider initiating a buy position in Hindustan Zinc within the range of Rs 320-324, setting a stop loss at Rs 305. The target for this trade is set at Rs 365.

This strategic approach leverages the recent breakout and regained momentum, offering a potential avenue for investors to capitalize on the stock’s upward trajectory.

As Hindustan Zinc builds on its current positive momentum, this buy recommendation aligns with the technical indicators.

Providing a clear and actionable insight for traders in the dynamic stock market landscape.

National Aluminium Ltd (Nalco) stocks:-

(BUY, TARGET PRICE: Rs 110, STOP LOSS: Rs 92)

Nalco is breaking free from a six-week sideways range, having traded in the Rs 95-88 band since October 27.

This breakout represents the emergence of a rectangle pattern, suggesting a trend continuation with potential upward movement.

Notably, the daily MACD is in a ‘Buy’ mode, marked by a breakout of the downward-sloping line on the daily scale.

Concurrently, the momentum indicator RSI exhibits upward momentum, indicating strength in the stock.

Considering these positive signals, a strategic ‘Buy’ recommendation is suggested for Nalco within the range of Rs 97-99.

Establish a stop loss below Rs 92 to mitigate risks, and set a target at Rs 110.

This recommendation aligns with the observed breakout from the sideways range and the bullish indications from key technical indicators.

Investors can leverage this opportunity to potentially capitalize on Nalco’s anticipated upward movement, as supported by the identified chart patterns and technical signals.

This actionable insight provides a clear strategy for traders navigating the dynamic landscape of the stock market.

NDMC Ltd stocks:-

(CAUTION, RESISTANCE: Rs 196, SUPPORT: Rs 170)

NMDC has experienced a robust rally, aligning with the broader surge in the metal sector.

While the trend has shifted seamlessly, caution is advised post such an upward movement, as a potential cool-off or correction cannot be ruled out.

Support levels have moderately shifted upward to the Rs 166-170 zone, offering a crucial foundation.

Currently, the stock faces a cluster of resistance in the higher range, spanning from Rs 190 to 196.

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Despite recent positive price action, the stock appears poised to sustain its upward trajectory.

However, prudence is essential, and investors should exercise caution, implementing strict trailing stop-loss measures to protect profits.

This strategic approach considers both the positive momentum in NMDC and the potential challenges associated with the current market conditions.