Bajaj Auto, TaMo: Strategies for Nifty50 stocks that doubled in FY24

4 out of the Nifty50 stocks zoomed over 100 per cent in FY24; as per technical charts, here's are the key levels that should be closely monitored.

Indian equity markets have witnessed a formidable rally in the financial year 2023-24 on the back of strong economic growth and healthy corporate earnings. Along the way, the markets downplayed fears of higher interest regime, global conflicts and valuation worries.

The NSE Nifty 50 has rallied nearly 29 per cent so far in FY24. Among the index components, Bajaj Auto and Tata Motors are the top gainers, up over 133 per cent each. Adani Ports and Coal India too have doubled investor wealth in this financial year, which ends today.

That apart, Hero MotoCorp, Shriram Finance, NTPC, Adani Enterprises, ONGC, BPCL and Larsen & Toubro were the other major movers, up over 70 per cent each. On the flip side, only Nifty 50 stocks will be ending the fiscal year with losses. Hindustan Unilever down 12 per cent, and HDFC Bank (10.5 per cent).

Going ahead, here's a trading guide on the 4 Nifty 50 stocks, based on technical analysis, that more-than-doubled in FY24.

Bajaj Auto

Current Price: Rs 9,038

Upside Potential: 10.6%

Key Support: Rs 8,750

Post the stupendous rally, Bajaj Auto seems to be trading in overbought zone on the charts. Despite that, the overall trend for the stock is expected to remain buoyant as long as it trades above Rs 8,750 levels. On the upside, the stock may attempt to test the psychological Rs 10,000-mark. CLICK HERE FOR THE CHART

Tata Motors

Current Price: Rs 985

Downside Risk: 10.7%

Key Support: Rs 970

Resistance: Rs 1,025

Tata Motors has witnessed a near 8 per cent price correction from its record high of Rs 1,066. The stock is presently seen quoting close to it bullish pivot on the long-term chart, which stands at Rs 960. Select momentum oscillators on the monthly chart are showing signs of tiredness.

Going ahead, in case, the stock starts to trade consistently below Rs 970 levels; it may enter a consolidation phase, wherein a decline towards Rs 880 would seem likely. The upside for the stock for now seems capped around Rs 1,025 levels. CLICK HERE FOR THE CHART

Adani Ports

Current Price: Rs 1,328

Upside Potential: 9.2%

Key Support: Rs 1,285; Rs 1,150

Shares of Adani Ports are likely to trade with a positive bias as long as the support at its 20-WMA (Weekly Moving Average) holds. The 20-WMA presently stands at Rs 1,150. Interim support for the stock can be expected around Rs 1,285. On the upside, the stock can attempt a rally towards Rs 1,450. CLICK HERE FOR THE CHART

Coal India

Current Price: Rs 435

Downside Risk: 17.2%

Key Support: Rs 390

Resistance: Rs 460 - 480 zone

Coal India is precariously poised on the long-term chart. The stock is seen testing support around its bullish pivot which stands at Rs 430. Monthly close below this would be early signs of a likely consolidation going ahead. On the downside, the stock has near support at its 20-WMA at Rs 400, below which the stock can slide to Rs 360.

On the upside, the stock is expected to face considerable resistance in the Rs 460 - 480 range. CLICK HERE FOR THE CHART