SBI, IFCI, NIACL: Check fresh target prices for selling beneficiaries in NSE's mega IPO

Amid the run up to the NSE's IPO, traders have gone bonkers on the selling shareholders in the upcoming mega issue. Stocks like IFCI Ltd, New India Assurance Company Ltd (NIACL) and State Bank of India have managed to draw strong investor interest lately. Here's what Laxmikant Shukla, Technical Research Analyst at YES Securities has to say on these counters:

New India Assurance Company | Caution | Resistance: Rs 220 | Support: Rs 190
After a sharp rally from Rs 162 to Rs 242, NIACL is experiencing profit booking, indicating a likely short-term pause or correction. The formation of a morning doji star candlestick suggests weakening bullish momentum. Immediate support lies in the Rs 190-192 range which coincides with its 20 SMA’s. A breakdown below this zone could intensify selling pressure, potentially pushing the price towards the Rs 183–180 levels. On the higher side, the stock must convincingly move above and sustain beyond Rs 220 to revive bullish sentiment. Until this level is reclaimed, the chances of a sustained uptrend appear limited.

IFCI | Hold | Resistance: Rs 110 | Support: Rs 79
IFCI is facing resistance in the Rs 108–110 range, close to its recent swing high. The formation of multiple bearish candlestick patterns at this key resistance level suggests a temporary pause in momentum. Despite this price action, strong support is in place at Rs 87-83, followed by Rs 79. The overall outlook for the stock remains positive as long as it holds above these support levels. A breakout above Rs 110 could trigger further upside, potentially driving the stock towards the Rs 125 marks.

State Bank of India | Caution | Resistance: Rs 1,050 | Support: Rs 990
SBIN has been making lower tops and lower bottom, signalling bearish sentiment at current levels. A short-term support zone is likely to emerge around Rs 990 which corresponds with the previous swing low. However, if the price fails to stage a meaningful recovery from this area, it may invite further downside. A breakdown below this support range could potentially drag the stock toward the Rs 960 to Rs 950 regions. The broader outlook stays cautious unless the stock manages a decisive move above the strong resistance near the zone of Rs 1,040-1,050 as only a clear breakout beyond this level would indicate a possible shift in the prevailing trend.