Looking to buy in falling market? NMDC, Godrej Agro, 2 others may gain 19%

NMDC, Godrej Agrovet, Amara Raja Energy and Concord Biotech witnessed a breakout on the daily chart in recent trading sessions; here's a likely technical outlook for these 4 stocks.

Benchmark indices - the BSE Sensex and the Nifty were seen trading with notable losses for the second straight trading session on Friday. The NSE Nifty declined 0.6 per cent or 240 points at 24,820 levels, while the BSE Sensex shed over 700 points or 0.9 per cent at 81,500 levels in intra-day deals.  Meanwhile, here are 4 stocks that recently witnessed a technical breakout on the charts, with up to .. per cent upside potential in the coming period. On the charts, NMDC, Amara Raja Energy & Mobility, Godrej Agrovet and Concord Biotech witnessed a breakout above the super trend line in recent trading sessions. 

Technical view on 4 breakout stocks:

NMDC

Current Price: ₹71.87  Likely Target: ₹82  Upside Potential: 14.1%  Support: ₹70.36; ₹69.72; ₹68.63  Resistance: ₹74.50; ₹78  NMDC stock is likely to trade with a favourable bias as long as the stock holds above ₹68.63; with near support likely around the 50-Day Moving Average (50-DMA) at ₹70.36 and the 20-DMA at ₹69.72.  On the upside, the stock is likely to target ₹82 levels in the near-term. Intermediate resistance can be anticipated around ₹74.50 and ₹78 levels. 

 

 

Godrej Agrovet

Current Price: ₹847  Likely Target: ₹1,000  Upside Potential: 18.1%  Support: ₹811; ₹796; ₹790  Resistance: ₹895; ₹944  Godrej Agro stock is likely to trade on an upbeat note as long as the stock holds above ₹846. The overall bias is likely to remain positive above ₹790 levels; with interim support visible at ₹811 and ₹796 levels.  On the upside, the stock can potentially soar towards ₹1,000-mark; thus implying an upside potential of 18 per cent from present levels. Intermediate resistance for the stock can be anticipated around ₹895 and ₹944 levels. 

 

 

Concord Biotech

Current Price: ₹1,891  Likely Target: ₹2,250  Upside Potential: 19%  Support: ₹1,874; ₹1,840; ₹1,825; ₹1,770  Resistance: ₹2,050; ₹2,150  Concord Biotech has given a breakout above the super trend line, and also seen consolidating above its 200-DMA, which stands at ₹1,874. The bias at the counter is likely to remain favourable as long as the stock trades above ₹1,770 levels; with intermediate support expected around ₹1,840 and ₹1,825 levels.  On the upside, the stock can potentially rally towards ₹2,250 levels, with interim resistance likely around ₹2,050 and ₹2,150 levels. 

 

 

Amara Raja Energy & Mobility (ARE & M)

Current Price: ₹995  Likely Target: ₹1,130  Upside Potential: 13.6%  Support: ₹980; ₹951  Resistance: ₹1,053; ₹1,096  ARE & M stock seems to be recouping from the earlier sharp fall. The bias at the counter is likely to be cautiously optimistic as long as the stock holds above ₹951 levels, with near support seen at ₹980 levels.  On the upside, the stock may extend the recovery and aim to test its 200-DMA, which now quotes at ₹1,096 levels, above which a spurt towards ₹1,130 seems likely. Interim resistance for the stock can be anticipated around ₹1,053 levels.