Published : August 21, 2017
Indian stocks that are listed on NSE platform are almost above 1600 in number. Out of it, Punjab National Bank (PNB), Yes Bank Ltd, Hindustan Petroleum Corporation Ltd (HPCL), DLF Ltd, and Biocon Ltd have outperformed the Nifty-50 last year. The all five stocks have given returns of more than 100% in 2016.
Now in 2017 onwards whether these performing 5 Indian stocks will continue to deliver good returns or not is analyzed in the present article. Let us discuss technically the prospects of their future performance briefly.
The art of investing requires picking the right stocks that can give you returns even in the volatile market. Nifty-50 has given the return of more than 27% in the year 2016. It started to rise from the low of 6825.80 levels and it is making higher high since then. 5 Indian stocks that may outperform Nifty in near future are discussed in the article.
PNB started with a fall in 2016 and made a low of Rs 69.25 per share on February 24, 2016. After making the low the price zigzagged for some time and a rally was observed from May 25, 2016, which took the price for the year high of Rs 137.85 per share on July 18, 2016.
The stock rose more than 100% in the year 2016. It was trading at Rs 122.50 per share. Its major technical indicator RSI is moving down from the overbought zone. Volume was declining with fall in price suggesting for low interest in the downside.
Moving forward, in 2017 till now it is moving up from a low of 112 in January 2017. Almost tested high of 185.80 in May 2017 and it made Bearish Engulfing. Subsequently thereafter in the month of June 2017, another bearish pattern Three Outside Down was formed giving the strong signal for mid term bearishness.
The stock is currently trading around 138 levels. The PNB support is seen at 127 levels and below it around 108 levels. The probability to find strong support around these levels is quite high. On the upside, Punjab National Bank resistance is at 170 levels and then at 190 levels.
Once the supports are tested will open the door for the test of important resistance in near future.
Another banking stock Yes Bank has also shown a very decent rise in the year 2016. It has risen around 101% in the current year.
A very smooth rise has been observed in the daily chart of Yes Bank. It made a low of the year at Rs 631.55 a share on January 20, 2016. The Yes Bank Ltd was then hovering at near its all-time high of Rs 1270 a share.
The bank share was hovering at near its all-time high of Rs 1270 a share. It is trading above both 9 and 26-period simple moving average. Its major technical indicator RSI is in overbought zone.
In 2017 so far till the month of August, this Indian stock had shown a decent rally further. The stock made a high of 1861 last month and currently trading around 1741 levels. The rally doesn’t seem to end here and may continue further with strong support around 1380 levels.
New higher-high quite possible with Yes Bank share price, if this support doesn’t breach.
The Navratna Company HPCL has also doubled its investor’s money in the current year 2016. It was then trading at 1301.95 levels. It made a low of Rs 635.15 a share on February 25, 2016, and continuously rising after that. Also, it is hovering at its all-time high of Rs 1327.90 a share. It is trading above both 9 and
It made a low of Rs 635.15 a share on February 25, 2016, and was then continued rising after that. Also, it was found hovering at its all-time high of Rs 1327.90 a share. It was trading above both 9 and 26-period simple moving average. Its major technical indicator RSI was in the overbought zone.
In September 2016 HPCL split share in 3:1 ratio. After the split, the Hindustan Petroleum share price was quoted at 282 levels. Again in July 2017, there was another split in 1.5:1 ratio and the share was found trading around 383 levels.
Wealth creation for Hindustan Petroleum Corporation Ltd’s shareholders doesn’t seem to stop with these splits, rather, the share price is making new higher-high. The trend is expected to continue in coming years as well due to growth in revenue as a result of rapid expansion of the business of this Indian stocks.
The real estate giant DLF has also given hefty returns in the year 2016. Its stock rose more than 130% in the current year from the low of 72.35 levels on February 12, 2016.
The Indian stocks were floating near its high of 2016 of Rs 167.70 a share. It was trading above its 9 and 26-period simple moving average. Its major technical indicator RSI is moving towards overbought zone.
In 2017 thus far the Indian stocks rallied almost 100 points from the end of 2016 levels to test 216 levels in May 2017. Now trading around 175 levels, DLF share price may see some correction before the further rally.
India’s largest biotech company Biocon Ltd share price is also hovering at its all-time high.
It has also doubled its investors’ money in the year 2016 with a rise of around 108% from the low of Rs 431 a share on February 12, 2016. Biocon share was trading at Rs 843.75 a share. It was trading above it’s both 9 and 26-period simple moving averages. Its major technical indicator RSI was in the overbought zone.
During the start of 2017, in January, this Indian stocks split its share in 3:1 ratio. During that time the share was trading around 331 levels. Biocon support is seen around 300 levels. And almost 100 points dip from current levels cannot be ruled out but only with the breach of this support. However, the possibility of it is quite low.
Anyways, the share of Biocon will continue to create shareholder’s wealth in coming years. Biocon resistance is around 380 levels, which is very strong. Above it, more higher-high expected, in this Indian stocks price.
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