NTPC, M&M, BPCL: 5 Nifty50 stocks that can rally up to 30% in coming days

NTPC, Adani Ports, Coal India, M&M and BPCL can rise higher, indicates technical charts

Even as the key benchmark indices seemed to be struggling, select stocks from the Nifty 50 have seen an overwhelming rally so far in April 2022. Few of the stock have rallied more than 15 per cent so far. Shares of electricity manufacturer NTPC was the front contender soaring as much as 20 per cent, and the stock hitting a fresh 52-week high at Rs 166.35.

The largest private multi-port operator Adani Ports and Special Economic Zone added another 13 per cent to its rallying convoy, Coal India jumped 12.5 per cent, while Mahindra & Mahindra and Bharat Petroleum Corporation were up over 10 per cent each this month.

The technical outlook for these key stocks exhibits a robust breakout on the charts. These stocks are likely to rally further backed by follow-up buying, as long as major support areas are protected.

NTPC Ltd (NTPC) 
Likely target: Rs 200
Upside potential: 25%
 
The stock is sighting a major breakout above the Rs 150 mark, shows the weekly chart. Additionally, the Relative Strength Index (RSI), which is in the overbought condition, does not seem to show any rigid selling pressure. The outlook hints at a rally to Rs 200, according to the daily and weekly set-up. The closing basis support for the stock falls at Rs 150 level.  CLICK HERE FOR THE CHART

 
Adani Ports and Special Economic Zone Ltd (ADANIPORTS)
Likely target: Rs 1,000 and Rs 1,500
Upside potential: 14% to 30%

On the daily chart, the trendline breakout with stock price scaling above Rs 860 coupled with its ability to absorb all the selling pressure emerging over Rs 870 mark, on weekly chart, purely reflects a positive momentum at the counter. Going ahead, as long as the stock holds the support at Rs 800, considered on a closing basis, the medium-term trend could see higher ground of Rs 1,000 and Rs 1,500 levels. CLICK HERE FOR THE CHART
  
Coal India Ltd (COALINDIA)

Likely target: Rs 255 and Rs 270
Upside potential: 24% to 30%
 
Coal India shares are set to hit new all-time high as they broke out of the “Inverse Head and Shoulder” pattern, suggests the monthly chart.  The immediate support for the stock comes at Rs 180 and followed by Rs 170 level. The bullish outlook is pointing at Rs 255 and Rs 270, as the next upside reach. The stock is likely to attract more interest of traders and investors in days ahead, shows the daily format.  CLICK HERE FOR THE CHART
  
Mahindra & Mahindra Ltd (M&M)

Likely target: Rs 1,000 and Rs 1,150
Upside potential: 11% to 25%

After taking support at the 200-weekly moving average (WMA) in early March 2022, shares of Mahindra & Mahindra have broken out of the trendline resistance near Rs 850 level, shows the weekly chart. This breakout has a support at Rs 860 and Rs 840 with bullish bias exhibiting an upside towards Rs 1,000 and Rs 1,150 levels. CLICK HERE FOR THE CHART
 
Bharat Petroleum Corporation Ltd (BPCL)
Likely target: Rs 450
Upside potential: 15%

The chart formation on the Bharat Petroleum Corporation stock tempts for a robust up move. The “Inverse Head and Shoulder”, on the daily chart and the conquering of 200-DMA suggests a bullish outlook in the coming days. However, the counter needs to show firm stability at current levels to embark a fresh follow-up buying. The 200-DMA is at Rs 389.50 level. If the counter manages to sustain momentum and attract follow-up buying, then the medium-term trend could see higher levels of Rs 450. CLICK HERE FOR THE CHART