HDFC Bank, ITC: 5 Nifty stocks trading far away from their 52-week highs

Among these five, HDFC Bank, ITC and UPL can potentially rally up to 10 per cent; Whereas, Hindustan Unilever and Asian Paints can crack another 25 per cent, suggest charts.

The NSE Nifty 50 index has been scaling new all-time highs for the last three straight trading sessions. On Wednesday, the benchmark index touched a summit at 22,249, and was seen quoting around 22,210 - up over 2 per cent so far this month.

Even as the Nifty hovers at record high levels, select index heavyweights such as HDFC Bank, Hindustan Unilever (HUL) and ITC are far away from their respective 52-week high levels. In fact, HDFC Bank and HUL registered new 52-week lows last week.

A total of 14 stocks from the Nifty 50 constitutes have not registered a new 52-week so far this calendar year, among which six prominent stocks registered 52-week highs in the last 7-12 months.

Here's a quick chart check on select shares that are still quite away from their respective 52-week highs.

UPL

Current Price: Rs 497

52-week high price: Rs 764

52-week high date: February 21, 2023

Support: Rs 480

Resistance: Rs 500; Rs 513

Likely upside: 10%

UPL's 52-week high stands at Rs 764 touched on February 21, 2023. As of date, the stock trades almost 35 per cent below its 52-week high level. In fact, earlier this month, the stock hit a fresh 52-week low at Rs 452. Post which, the stock has seen a pullback of nearly 10 per cent.

Currently, the stock is seen testing resistance around its 20-DMA (Daily Moving Average) at Rs 500, above which immediate hurdle for the stock is seen at Rs 513. However, key momentum oscillators on the daily chart have turned favourable for the stock; hence the stock may attempt to clear this resistance zone in the near-term.

As and when the stock conquers this resistance zone, the stock is likely to rally towards its 50-DMA, which stands at Rs 546 - thus indicating an upside potential of 10 per cent. On the downside, the stock is expected to find support around Rs 480 levels. CLICK HERE FOR THE CHART

HDFC Bank

Current Price: Rs 1,444

52-week high price: Rs 1,758

52-week high date: March 31, 2023

Support: Rs 1,430; Rs 1,380

Resistance: Rs 1,457

Likely upside: 8%

For the first time on Tuesday, HDFC Bank closed above its 20-DMA since the breakdown post Q3 results. Amid the slide, the stock hit a 52-week low at Rs 1,364 on February 14, and now trades nearly 18 per cent below its 52-week high.

Today, the stock is seen holding above its 20-DMA, but facing some resistance around the super trend line at Rs 1,457. A close above the same can trigger a smart rally in the stock, with potential upside targets of Rs 1,540 and Rs 1,560.

In the near-term, the 20-DMA at Rs 1,430 is likely to act as a support, with strong cushion seen at Rs 1,380. CLICK HERE FOR THE CHART

Hindustan Unilever (HUL)

Current Price: Rs 2,405

52-week high price: Rs 2,770

52-week high date: July 07, 2023 

Support: Rs 2,350

Resistance: Rs 2,419; Rs 2,470; Rs 2,500

Likely downside: 25%

Hindustan Unilever has been trading with a negative bias since mid-January, after the stock broke below its short-term moving average. However, off late, the stock has seen some recovery from oversold zones. Further, key momentum oscillators remain in favour of further recovery for the stock.

Presently, the stock quotes over 13 per cent below its 52-week high of Rs 2,770. Technically, the stock is expected to face some resistance around the 20-DMA, which stands at Rs 2,419. Above which, the stock can pullback to Rs 2,470. 

However, the overall trend is likely to remain negative as long as the stock sustains below its 200-DMA which stands at Rs 2,500. On the long-term scale, the stock recently tested its key support around Rs 2,350. Break of the same, can trigger a sharp slide towards Rs 1,800 - thus indicating downside potential of 25 per cent. CLICK HERE FOR THE CHART

ITC

Current Price: Rs 407

52-week high price: Rs 500

52-week high date: July 24, 2023 

Support: Rs 405; Rs 403

Resistance: Rs 412

Likely upside: 7%

ITC trades nearly 19 per cent below its 52-week high of Rs 500 hit on July 24, 2023. However, off late post consolidation select key momentum oscillators have turned favourable for the stock, thus signaling a potential pullback in prices.

The stock is likely to find good support around Rs 403 - Rs 405 levels, and a close above its recent high of Rs 412m can trigger a rally towards the 20-DMA at Rs 423. A pullback to Rs 436 level also seems possible. CLICK HERE FOR THE CHART

Asian Paints

Current Price: Rs 3,016

52-week high price: Rs 3,568

52-week high date: July 24, 2023 

Support: Rs 2,970

Resistance: Rs 3,090; Rs 3,150; Rs 3,200

Likely downside: 12%

Asian Paints is seen sustaining above its 20-DMA for the last four trading sessions, which is an optimistic sign. The 20-DMA at Rs 2,970 is the key support going ahead. 

On its way up, the stock faces multiple resistances in the form of key moving averages and the super trend line. The overall bias, suggests that the upside for the stock may be capped around Rs 3,200, with interim resistance expected around Rs 3,090 and Rs 3,150.

The longer-term chart suggests that the stock may test Rs 2,800 - Rs 2,650 on the downside - thus indicating a downside risk of up to 12 per cent from present levels. CLICK HERE FOR THE CHART