Due to the recent market crash, many PSU stocks have fallen up to 30% from their highs. These include PSU stocks like ONGC, Oil India, SJVN, Bharat Electronics, and Hindustan Aeronautics, which have fallen up to 50% of their previous highs.

According to the Fibonacci ratio, the key levels for a market rally and decline are 38.2%, 50%, and 61.80%. All these five stocks have touched these levels, which suggests they may recover some of the lost ground.

A look at the technical position of these 5 PSU stocks:

ONGC (Oil and Natural Gas Corporation)

Current Price: Rs 262
Potential Upside: 21.8%
Support Levels: Rs 255, Rs 230
Resistance Levels: Rs 282, Rs 300

ONGC shares have fallen from a high of Rs 342 in August 2024 to a low of Rs 255 last week. With this decline, ONGC has lost 38.2% of the rally that started in December 2022.

Going forward, if ONGC holds the support level of Rs 255, it has a chance to recover up to Rs 319, which is a potential upside of about 22%. Currently, its interim resistance can be at Rs 282 (200-day moving average) and Rs 300. If the support of Rs 255 breaks, the stock can find support at Rs 230 (monthly moving average). Click here for a chart.

Bharat Electronics (BEL)

Current Price: Rs 302
Potential Upside: 12.6%
Support: Rs 297, Rs 268
Resistance: Rs 315

BEL has also completed the 38.2% decline level of the rally between May 2023 to July 2024. Currently, it is trying to cross the 20-week moving average at Rs 297 level. If this level is not broken then there is support at Rs 268. After the interim resistance at Rs 315, this stock can go up to Rs 340. Click here for a chart

Hindustan Aeronautics (HAL)

Current price: Rs 4,463
Potential upside: 21%
Support: Rs 3,975, Rs 3,750
Resistance: Rs 4,530, Rs 4,735

Hindustan Aeronautics Limited (HAL) shares had gained a massive 765% from Rs 655 to Rs 5,669 from March 2022 to July 2024. After this, the stock price declined to Rs 4,075. Going by this decline, the support level for the stock could be at Rs 3,750, while another support could be found at Rs 3,975.

Currently, HAL shares are facing resistance near the super trend line at Rs 4,530. Above this, there is a crucial resistance at Rs 4,735, which is the 100-day moving average. The stock needs to sustain above Rs 4,735 to move towards the Rs 5,400 level. Click here for the chart. of

Oil India

Current Price: Rs 509
Potential Upside: 24.8%
Support: Rs 462, Rs 441
Resistance: Rs 579, Rs 600

Oil India shares have touched nearly 50% of the previous rally from Rs 125 in November 2022 to Rs 768 in August 2024. Last week, the shares hit a low of Rs 462. This level is linked with support at the 50-week average price at Rs 441.

If the stock sustains above these support levels, it can attempt to move towards Rs 635. Interim resistance for this can be seen at Rs 579 and Rs 600 levels. Click here for a chart.

S.J.V.N.

Current Price: Rs 113
Potential Upside: 16.8%
Support: Rs 105, Rs 97
Resistance: Rs 124

SJVN shares are continuously looking for support around the super trend line at Rs 105. If this support level holds, the stock can try to move towards Rs 132. The interim resistance for this is at Rs 124. If the level of Rs 105 breaks, it can fall to Rs 97. Click here for the chart