Trade Spotlight: Key Strategies for NTPC, Hindalco, Camlin Fine Sciences, NMDC, Shriram Finance, Tata Steel & More on February 24
Trade Spotlight : The Indian stock market continued its downward trajectory for the fourth straight session, hitting a new low for the year on February 21. With the benchmark indices losing about half a percent, market breadth favored the bears, as 1,621 stocks declined while only 993 advanced on the NSE. Given the current trend, further downside movement cannot be ruled out in the upcoming sessions.
However, amid the overall volatility, certain stocks are showing strong trading signals. Let’s take a look at the key trading strategies for NTPC, Hindalco, Camlin Fine Sciences, NMDC, Shriram Finance, Tata Steel, and others for February 24.
NTPC: Bullish Breakout Signals Uptrend
CMP: ₹330
NTPC has gained 9% week-on-week, reclaiming past losses and forming a bullish engulfing pattern—a key reversal indicator. The stock has broken out of a five-month downtrend, signaling strong buying momentum. The RSI strength indicator supports further upside.
- Strategy: Buy
- Target: ₹355, ₹370
- Stop-Loss: ₹320
- Support Zone: ₹320-310
Hindalco: Momentum Builds Above Key Moving Averages
CMP: ₹653.55
Hindalco has confirmed a trend reversal by forming higher highs and higher lows on daily and weekly charts. The stock is trading above 20, 50, and 100-day SMAs, reinforcing bullish sentiment. The Bollinger Band buy signal and rising RSI indicate sustained momentum.
- Strategy: Buy
- Target: ₹685, ₹710
- Stop-Loss: ₹638
- Support Zone: ₹638-626
Camlin Fine Sciences: Breaks One-Year Resistance Zone
CMP: ₹154.88
Camlin Fine Sciences has decisively broken a one-year resistance level at ₹140, confirming a strong uptrend. Trading well above 20, 50, 100, and 200-day SMAs, the stock has significant upward potential.
- Strategy: Buy
- Target: ₹185, ₹200
- Stop-Loss: ₹145
- Support Zone: ₹145-135
Shriram Finance: Bullish Reversal with RSI & MACD Support
CMP: ₹585.10
Shriram Finance has been consolidating after profit booking from ₹730 levels. With the stock hovering around 200-DSMA and a SuperTrend buy signal, upside movement is expected.
- Strategy: Buy
- Target: ₹640
- Stop-Loss: ₹525
- Support Zone: ₹580-570
Himadri Speciality Chemical: Rebounding from Key Support
CMP: ₹457
After a profit-booking phase, Himadri Speciality Chemical is showing buying interest near the ₹400 breakout level from last year. The MACD suggests a counter-trend reversal.
- Strategy: Buy
- Target: ₹525, ₹540
- Stop-Loss: ₹400
- Support Zone: ₹450-440
HEG: Trading Near Historic Support Levels
CMP: ₹359.25
HEG has seen a 45% correction from its peak of ₹620, now trading near historical support. The 14-day RSI positive crossover suggests potential recovery.
- Strategy: Buy
- Target: ₹400
- Stop-Loss: ₹320
- Support Zone: ₹350-345
One 97 Communications (Paytm): Potential Reversal After Strong Support
CMP: ₹766.15
Paytm is attempting a breakout from a falling trendline, with improving RSI and MACD indicators. A move above ₹775 can trigger a rally.
- Strategy: Buy
- Target: ₹850, ₹880
- Stop-Loss: ₹702
- Support Zone: ₹700-710
NMDC: Breakout from Consolidation
CMP: ₹67.73
NMDC has rebounded from ₹59-61 support, forming a higher low. Rising volume and RSI above 57 indicate increasing momentum.
- Strategy: Buy
- Target: ₹74, ₹82
- Stop-Loss: ₹60
- Support Zone: ₹65
Tata Steel: Sustaining Bullish Momentum
CMP: ₹140.76
Tata Steel is trading in an uptrend within a rising channel and remains above its 20 and 50-day EMAs. The MACD and RSI indicators confirm continued strength.
- Strategy: Buy
- Target: ₹152, ₹156
- Stop-Loss: ₹130
- Support Zone: ₹135
Financial Ratios of Key Stocks
| Stock | P/E Ratio | P/B Ratio | Dividend Yield (%) | 52-Week High (₹) | 52-Week Low (₹) |
|---|---|---|---|---|---|
| NTPC | 12.5 | 1.7 | 4.2 | 345 | 280 |
| Hindalco | 10.8 | 1.5 | 1.4 | 715 | 455 |
| Camlin Fine Sciences | 18.2 | 2.3 | 0.6 | 202 | 118 |
| Shriram Finance | 14.7 | 2.1 | 1.9 | 730 | 510 |
| Himadri Chemical | 22.3 | 3.4 | 0.8 | 540 | 320 |
| HEG | 9.2 | 1.8 | 2.1 | 620 | 340 |
| One 97 (Paytm) | N/A | 4.5 | N/A | 960 | 650 |
| NMDC | 7.9 | 1.2 | 3.5 | 83 | 55 |
| Tata Steel | 11.3 | 2.8 | 3.1 | 165 | 125 |
Final Thoughts
Despite recent market volatility, stocks like NTPC, Hindalco, Tata Steel, and NMDC show strong bullish signals, making them attractive for traders. With technical breakouts and positive indicators, these stocks present lucrative short-term trading opportunities.
Traders should maintain proper stop-loss levels and track market conditions closely to capitalize on potential gains. Keep an eye on global cues, economic data, and sectoral performance to stay ahead in the market.
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Disclaimer: This blog post is for informational purposes only and should not be considered financial advice. Investors should conduct thorough research and consult with a qualified financial advisor before making any investment decisions.