Navratna Power PSU Stock To Buy: The domestic stock market has reached new record highs due to foreign investor buying, monsoon movement, and strong company results. Amid this market rally, domestic brokerage house ICICI Direct has identified power PSU stock NHPC Limited as a top pick for short-term earnings. NHPC, a Navratna-status company, has delivered over 240 per cent returns in the past two years.

NHPC Share Price Target

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ICICI Direct recommends buying NHPC for 3 months, with a target price of Rs 132 per share. The recommended buying range for the stock is Rs 111 - Rs 115, with a stop loss of Rs 102. On July 12, the stock closed at Rs 113, down 0.92 per cent. The stock has the potential to rise by up to 17 per cent from its current price.

The brokerage notes that the BSE Power Index is in a structural uptrend following a multiyear breakout. NHPC is currently breaking out of a cup and handle formation, with increased buying demand above the 50-day EMA, indicating a resumption of the uptrend and potential for new entries. Over the past six months, the stock's price action has formed a cup-and-handle pattern, signaling a continuation of the structural uptrend. The stock has remained above its 50-day EMA since November 2023 and is now on the verge of a breakout after a period of consolidation.

NHPC Share Price History

NHPC is a multi-bagger stock with a 52-week high of Rs 117.80 and a low of Rs 44.87. The company has a market cap of Rs 1,13,508.89 crore. The stock has gained 9 per cent this week, 12 per cent in two weeks, 10 per cent in one month, 22 per cent in three months, and 63 per cent in six months. In 2024 alone, the stock has increased by more than 70 per cent. Over the past year, it has returned 140 per cent, 242 per cent over two years, and 335 per cent over three years.

Disclaimer: The views/suggestions/recommendations expressed here in this article are solely by investment experts. Zee Business suggests its readers consult their investment advisers before making any financial decision.