Nifty ended in the red on Wednesday, dragged by IT and FMCG stocks, breaking its three-session gaining streak. Momentum indicator RSI suggests the index is in a bearish crossover on the hourly chart.
Adani Green Energy Limited has delivered a strong breakout above a major resistance zone (Rs 1,150–1,170), supported by rising volumes and a sharp momentum surge. The price is now trading well above key moving averages, indicating a clear trend reversal after a prolonged downtrend. However, RSI is above 80, placing the stock in an overbought zone, which increases the probability of short-term consolidation or a mild pullback. Traders should avoid chasing at current levels and look for dips towards Rs 1,120–1,150 for better entries. On the upside, the stock can extend towards Rs 1,280–1,320 in the near term if momentum sustains. Immediate support is at Rs 1,100, while a prudent stop-loss can be placed near Rs 1,148.
HBL Engineering Limited is showing early signs of a trend reversal after a prolonged downtrend. The stock has bounced strongly from the Rs 620–650 demand zone and is now attempting a breakout above a falling trendline, supported by improving momentum (RSI 70) and price reclaiming key EMAs. A sustained move above Rs 820–830 can confirm the breakout and trigger further upside towards Rs 900–950 in the near term. On the downside, immediate support is placed at Rs 780, followed by stronger support near Rs 720. A prudent stop-loss can be kept around Rs 780 to maintain a favorable risk-reward.
