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Nvidia stock price was up by 1.6 percent in the premarket on Friday, signaling a potential impending rebound after the post-earnings release drop. The AI chipmaking giant traded at $119.42 at the time of writing, inching closer to the psychological stock split price of $120. Nvidia (NASDAQ: NVDA) beat earnings forecasts for the seventh successive session, but the market sent the stock down after dissatisfaction with margins.
Below, we look at NVDA , Suzlon and Reliance, and analyse why they are likely to head up, despite their recent downturn.
Nvidia
Nvidia share price fundamentals
Despite the drop in NVDA stock price, few would disagree that the company’s fundamentals are enviable and seemingly impregnable at this point. For a company that raised the bar so high, its not surprising that many investors expected a semblence of perfection from its earnings report. However, this is as close as it gets in a high-interest environment sprinkled with recession undertones.
Many analysts opine that this could be the best time to buy the dip, and this aligns with comments by Nvidia Chief Finance Officer Collete Kress during the earnings call. According to Kress, the Blackwell GPUs are set to generate billions in revenue in the fourth quarter ending in January 2025.
Nvidia will likely rise in the near-term, with help from Dell’s earnings report. Dell announced better-than-expected results on Thursday, attributing its success to increased demand for AI-powered Nvidia servers.
Nvidia share price prediction
The 4-hour chart below signals that the upside momentum will likely continue if the price stays above $116.00. With that in play, the first resistance will likely be at $121.20. However, extendend control by the buyers could enable movement past that level and test $127.30.
On the other hand, the price is currently below the 20-EMA and 50-EMA, which signals recent bearish control. Aslo, the RSI is at 40, adding support to the downside view. Therefore, a move below $116.00 will likely put the sellers in control. That could establish the first support at $110.45, but extended bearishness could breach that mark, invalidate the upside narrative and potentially test $105.50.
Suzlon
Suzlon share price has been heading downwards in recent days, with the stock placed under Additional Surveilance Measure (ASM). The ASM is a regulatory mechanism put in place by the Securities Exchange Board of India (SEBI) to monitor stocks that have flashes of volatility at the NSE and BSE bourses. SEBI has placed Suzlon (NSE: SUZLON) under Stage 1 of ASM.
That said, Suzlon share price has a strong underlying bullish momentum, with its gains in the last month standing at 8.1 percent in the last month, and 96.9 percent year-to-date. Also, the renewable energy company has a strong order book that forms a strong basis for an upturn.
Suzlon share price forecast
Suzlon is likey to continue to the upside if it stays above the Rs. 76.40 pivot mark. That will likely push the price to the first resistance at Rs. 78.15. Above that point, the momentum could be strengthened further to move the price to Rs.79.70.
Alternatively, moving below Rs.76.40 will signal control by the sellers, with the first support likely to be at Rs. 75.00. However, a stronger downside momentum could be generated if the sellers breach that mark. That could render the upside narrative invalid, and potentially send the price lower to test Rs.73.15
Reliance Industries
Reliance Industries Ltd (NSE: RELIANCE), India’s largest stock by market capitalisation, closed trading on Friday down by -0.51 percent. However, its recent winning streak means that it still has a healthy bullish appetite that will likely see it rebound next week. However, the strongest driving factor will likely be its impending IPO issuance, which could generate significant traction.
The company is set to issue shares to the public in a series of spinoffs of component companies in the near fuiture. However, its executives kept off commenting on the much-awaited IPO during its 47th Annual General Meeting held on Thursday, August 29, choosing instead to stress the need to focus more on AI.
During the AGM,the conglomerate’s Chairman Mukesh Ambani stated that the company was still on track to double its size in the next decade. While the bullish statement is welcome, investors were likely disappointed at the lack of IPO timelines. There is debate as to RIL’s fair value, with wide estimates being thrown, ranging from $50 billion to $100 billion. That leaves much room for potential stock price volatility if the IPO is floated.
Despite the redent decline in the Reliance share price, we are likely to see it bounce back, in view of its strong fundamentals and the historic bullish rally in Indian stock markets. With the Fed interest rate decision set for September, we are likely to see a RELIANCE price rebound next week.
Reliance share price momentum
Reliance has signals likely bullish control if the price stays above the Rs 3,020.00 mark. The price is above the middle Bollinger Band and recently attempted to cross above the upper band. Also, the MACD indicator line is still above the signal line, underlining a stronger upward push.
With the buyers in control, look for the first resistance at the Rs 3,064.95 mark. However, if they extend that control, the resulting momentum could clear that barrier and take the price highet to test Rs 3,100.00.
However, if the price moves below Rs 3,020, it will favour the sellers to take control. In that case, we could see the first control established at Rs 2,985.25. With further control, the sellers could breach that level and at that point, the upside narrative will be invalid. In addition, that could strengthen the downside to potentially test Rs 2,950.60.
