50% run in these NSE stocks in 2024. Are they in your portfolio? Key levels

One out of every 10 NSE 500 stocks has rallied over 50% so far in 2024. Here's a technical outlook on select stocks which are trading with bullish bias.

We have just entered the fifth month of the calendar year 2024, and there are a few prominent stocks that could have doubled your investments by now, and a number of stocks from the NSE 500 space, which could have helped your wealth, appreciate over 50 per cent in such a short span of time.

Even as the NSE benchmark index, the Nifty 50, has gained 4.2 per cent so far in the calendar year 2024, the broader index, NSE 500 has gained twice as much - up 8.5 per cent in the same period.

Amid this outperformance, as many as 45 - meaning nearly 1 out of every 10 NSE 500 stocks have surged more than 50 per cent in little over four months. Schneider Electric Infrastructure stock with a gain of 103 per cent has been the top mover among the NSE 500 stocks. It is closely followed by Motilal Oswal Financial Services and Cochin Shipyard stocks, up over 95 per cent each.

Among other stocks, MRPL, EIH, Sobha, Hitachi Energy, Oracle Financial Services Software (OFSS), Aegis Logistics, Action Construction, Indus Towers, Housing & Urban Development Corporation (HUDCO), Kalpataru Projects International, NBCC (India) and Oil India are the other major gainers, up in the range of 70 - 90 per cent.

On the other hand, 1 out of every 5 NSE 500 stocks have underperformed the underlying benchmark with a loss in excess of 8 per cent, including prominent stocks such as Infosys, IDFC First Bank, Page Industries, HDFC Bank, HDFC Life Insurance, L&T Technology Services, Indiabulls Housing Finance, Asian Paints, Shree Cement, India Cements, Berger Paints, Rajesh Exports, UPL, Atul, Hindustan Unilever (HUL), Kotak Mahindra Bank, Sun Pharma Advanced Research Company (SPARC), Vodafone Idea, Bata India, AU Small Finance Bank, Tata Elxsi, Jubilant FoodWorks, PVR Inox, CoForge, Bandhan Bank, LTIMindtree, IIFL Finance, Paytm and Zee Entertainment.

Shares of Zee Entertainment and Paytm were the major losers, down over 40 per cent each.

In technical analysis it is said, that 'trend is your friend', it’s always better to buy stocks those are in an uptrend and ride the trend, rather than buying stocks in a downtrend and taking higher risk.

Here are five stocks that are presently in an uptrend; these key levels can help you plan your trading strategy going ahead.

Schneider Electric Infrastructure

Current Price: Rs 824

Upside Potential: 16.5%

Key support: Rs 797

Stop Loss: Rs 740

Schneider Electric Infrastructure stock is expected to trade on a bullish note as long as the stock trades above Rs 797. On the upside, the stock can potentially rally to Rs 960 levels, with some resistance likely around Rs 920. On the flip side, break and sustained trade below Rs 797, can result in a dip towards Rs 740. The overall trend is expected to remain favourable as long as Rs 740 is protected on a monthly closing basis, thus can be considered as a stop loss. CLICK HERE FOR THE CHART

Cochin Shipyard

Current Price: Rs 1,344

Upside Potential: 15.3%

Key support: Rs 1,290; Rs 1,230

Stop Loss: Rs 1,140

The bias for Cochin Shipyard stock is expected to remain positive as long as the stock trades above Rs 1,230 - Rs 1,290 support zone. On the upside, the stock can potentially rally to Rs 1,500 - Rs 1,550. The overall bias may turn negative on sustained trade below Rs 1,140. CLICK HERE FOR THE CHART

Cummins India

Current Price: Rs 3,246

Upside Potential: 9.4%

Key support: Rs 3,180

Stop Loss: Rs 3,000

Cummins stock is trading for the fourth straight month above the higher-end of the Bollinger Bands on the monthly scale. The monthly chart shows support for the stock at Rs 3,180 levels. Sustained trade below the same can trigger a phase of consolidation for the Cummins stocks. The overall trend may turn cautious in case of dip and sustained trade below Rs 3,000-mark. CLICK HERE FOR THE CHART

On the upside, the stock can potentially rally to Rs 3,550, with some resistance seen at Rs 3,425.

PB Fintech (PolicyBazaar)

Current Price: Rs 1,290

Upside Potential: 19.5%

Key support: Rs 1,280; Rs 1,215

Stop Loss: Rs 1,124

Even as PB Fintech (PolicyBazaar) stock has cooled-down from its record high of Rs 1,400, the stock looks favourably placed on the multiple time-frames. The overall bias is expected to favour the bulls, as long as the stock sustains above Rs 1,124. On the upside, as and when the stock starts quoting above Rs 1,380, it shall pick momentum and could rally to Rs 1,540 levels. Interim support for the stock can be expected around Rs 1,280 and Rs 1,215. CLICK HERE FOR THE CHART

Vedanta

Current Price: Rs 417

Upside Potential: 11.5%

Key support: Rs 380; Rs 370

Post the sharp 46.5 per cent rally in Vedanta, the stock has given a fresh breakout on the long-term charts. The monthly chart shows that the bias is likely to remain upbeat as long as Vedanta stock quotes above Rs 380 - Rs 370 levels. Near support for the stock is seen at Rs 396. On the upside, the stock can potentially rally to Rs 450 - Rs 465. CLICK HERE FOR THE CHART