Suzlon, BSE: 5 Nifty 500 stocks gained over 15% in July, expect more upside

Technically, when any stocks crosses crucial hurdles and witnesses accumulation at key supports, the trend is expected to witness robust upside ahead.

Selective shares in Nifty 500 index have surged over 15 per cent so far in the current month. This list includes BSE, Olectra Greentech, Kalyan Jewellers India, Suzlon Energy and Sunteck Realty.

Technically, these stocks have evolved with chart structures that could foresee more upside for the rest of the year. While the benchmark indices, the BSE Sensex and Nifty 50 are witnessing minor hurdle at 66,000 – 66,100 and 19,500- 19,600,respectively, the broader trend in these selective Nifty 500 stocks remains highly optimistic .

Here’s the technical outlook of these Nifty 500 stocks amid their robust charts:-

BSE Ltd (BSE)

Likely target: Rs 900

Upside potential: 15%

If the BSE shares succeed to hold ground over Rs 780, which is the top of a bearish pattern’s shoulder; the major breakout could drive back this stock in a total bullish territory. The present trend is intends to achieve the same mark, and when it conquers, the stock may see a new all-time high, shows the weekly chart.

The immediate reach could be to Rs 900 level, as per the daily and weekly chart. The supports exit at Rs 720 and Rs 690 levels. The massive jump in volume implies active participation of market players. CLICK HERE FOR THE CHART

Olectra Greentech Ltd (OLECTRA)

Likely target: Rs 1,600

Upside potential: 15%

Shares of Olectra Greentech have soared close to 45 per cent so far in the current year. This move was the result of a robust breakout over Rs 1,000 on the daily and weekly chart. The support for the present bias stays at Rs 1,200-mark, which needs to be guarded on the closing basis. 

The up move is supported by substantial volumes, implying the engagement of traders. While the stock trades in the overbought territory of the Relative Strength Index (RSI), the price action is preventing any sell-off to take over. The price action depicts a rally to Rs 1,600-mark. CLICK HERE FOR THE CHART

Kalyan Jewellers India Ltd (KALYANKJIL) 

Likely target: Rs 200

Upside potential: 12%

Not only did the “Golden Cross” breakout provided a sharp up move, but the underlying strength that had built a steady base around Rs 140 and Rs 120 levels, prompted a bullish upside, as per the daily chart. 

This immense rally might see some profit booking, however the broader trend remains highly optimistic. Medium-term outlook could see the stock hitting Rs 200 levels. The ongoing trend fairly acknowledges the vigilant nature of reaching a new historic peak. CLICK HERE FOR THE CHART

Suzlon Energy Limited (SUZLON)

Likely target: Rs 23

Upside potential: 25%

Shares of Suzlon Energy have sharply risen post surpassing the key hurdle of Rs 12 in the previous month. The upward breakout has seen accumulation and is now moving towards Rs 19, its next barrier, as per the monthly chart. 

The stock continues to perceive bullish momentum in the overbought category of RSI, triggering fresh thrust that could scale higher levels in the upcoming sessions. Until the support of Rs 13 is protected, the trend might exceed Rs 19 and hit Rs 23. CLICK HERE FOR THE CHART

Sunteck Realty Limited (SUNTECK)

Likely target: Rs 400

Upside potential: 11%

For the shares of Sunteck Realty, going ahead the hurdle of Rs 358 remains a key maker of the next rally, its 200-weekly moving average (WMA). If the stock successfully crosses this barrier, fresh upside could eye Rs 400 levels, as per the weekly and daily chart. 

A close over Rs 340 shall see addition of more longs, with price action reflecting a resolute trend to battle selling pressure expected to emerge in the following sessions. Support for the present bias locates at Rs 320-mark. CLICK HERE FOR THE CHART