IDFC, L&T Finance, 3 others hit 52-week highs; charts show up to 23% upside

Stock reaching fresh 52-week highs may further see up to 23 per cent upside

Stocks hitting new 52-week highs are considered as the most strength-driven stocks, especially during the times of uncertainty and volatility. Few stocks in the Nifty 500 index have recently succeeded in recording fresh highs, signifying a positive momentum which has outdone the current distorted sentiment.

 

At present, the key benchmark indices, the BSE Sensex and Nifty 50 are struggling to find a clear direction, while these few selected stocks have outsmarted the prevailing uncertainty, entering a new bull-run.  

 

Shares of CG Power and Industrial Solutions, Federal Bank, L&T Finance Holdings, Edelweiss Financial Services and IDFC are among stocks continuously scaling 52-week high, with robust momentum. 

 

Here’s the technical outlook on stocks hitting new 52-week highs:-

 

IDFC Limited (IDFC)

Likely target: Rs 110 and Rs 110

Upside potential: 13% - 23%

 

Shares of IDFC have decisively crossed the horizontal barrier of Rs 87-86, with aggressive volumes proposing further upside in coming session. A closing basis support of Rs 82 could see this counter heading in the direction of Rs 110 and Rs 110. The momentum indicator, Moving Average Convergence Divergence (MACD) is resolutely trading over the zero line, demonstrating a bullish bias on chart. CLICK HERE FOR THE CHART

 

L&T Finance Holdings Limited (L&TFH)

Likely target: Rs 113

Up potential: 18%

 

The stock has broken out of the 200-weekly moving average (WMA) currently set at Rs 84.10after March 2020 and has now provided the second leg of breakout over the hurdle of Rs 97. This up move is signifying a bullish rally in the direction of Rs 113, which has been the vigorous hurdle the counter has failed to overcome since  April last  year. The trendline support is disclosing a cushion at Rs 82 levels.  CLICK HERE FOR THE CHART

 

Edelweiss Financial Services Ltd (EDELWEISS)

Likely target: Rs 85

Up potential: 16%

 

Share of Edelweiss Financial Services absorbed all the selling pressure emerging in the range of Rs 73-Rs 70, with resilient bullish candlesticks revealing underlying strength  triggering an upside bias. The MACD has risen over the zero line in a vertical trend, identifying the trend is poised to scale higher highs. The counter could be heading towards Rs 85, where the next selling pressure appears to exist, as per the daily chart. CLICK HERE FOR THE CHART

 

Federal Bank Ltd (FEDERALBNK)

Likely target: Rs 170

Up potential: 16%

 

Shares of Federal Bank are making efforts to absorb all the selling pressure emerging in the range of Rs 43 – 140 levels. When this occurs, the trend is going to enter the next phase of the bull-run, with the stock heading towards Rs 170 levels. The support cushion for the stock exists at Rs 132, which needs to be observed on the closing basis. The current chart structure indicates a bullish bias, with the stock able to see accumulation on the decline.  CLICK HERE FOR THE CHART

 

CG Power and Industrial Solutions Ltd (CGPOWER)

Likely target: Rs Rs 340-Rs 350

Upside potential:  12%

 

After breaking out of the Rs 290 hurdle, the stock has risen with a forward looking upside. This outlook enables bulls to ride the upside bias, with healthy decline expected to see accumulation. The immediate support is at Rs 290, followed by Rs 280 levels. The bullish sentiment is headed in the direction of Rs 340-Rs 350 range.  CLICK HERE FOR THE CHART