NMDC, NHPC, Bharat Forge, IREDA Showing Breakout Potential? SEBI RA Spots Bullish Setups In These 4 Stocks

Shares of NMDC, NHPC, Bharat Forge, and Indian Renewable Energy Development Agency are showing strong breakout potential, according to SEBI-registered analyst Anupam Bajpai.

NMDC

Bajpai said NMDC has resumed its uptrend after taking support at the 200-day moving average on June 4.

With a close above ₹73.5, the stock has broken its consolidation phase and may move toward ₹78, supported by a bullish crossover between the 20- and 200-day moving averages.

NHPC

In NHPC, Bajpai highlighted a May 9 Bollinger Band breakout, which signaled an oversold condition and preceded a strong rally. 

Since May 19, the stock has been consolidating, with support confirmed on June 3–4 at the 50-day moving average. 

Bajpai sees potential for the stock to climb toward ₹96, with support at ₹90.83.

Bharat Forge

Bharat Forge, Bajpai noted, broke out above ₹1,280 and the 200-day moving average after three weeks of consolidation between ₹1,220–₹1,280. 

The stock may now move toward ₹1,360, with the 200-DMA and ₹1,280 acting as new support levels.

Indian Renewable Energy Development Agency

IREDA also exited a consolidation zone and showed a bullish crossover between the 20- and 100-exponential moving averages. 

Bajpai said the RSI reading of 64 supports a continued uptrend, with a possible target of ₹194.

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