Web Exclusive
HDFC Life, IndiaMART: These 5 stocks can fall up to 10%. Should you sell?

The benchmark indices have seen a decline of over 3 per cent in recent trading sessions with the BSE Sensex drifting towards 60,500 and Nifty 50 dipping below the sentimental 18,000-mark. The negative downside has weakened the core support levels  of several stocks and their reversal seems uneasy at the current juncture. These stocks may either see sideways move and decline towards the next lower levels. Engineers India Ltd (ENGINERSIN) Likely target: Rs 68 Downside potential:  8% The formation of “Double Top” indicates a negative trend in the medium-term .....
The benchmark indices have seen a decline of over 3 per cent in recent trading sessions with the BSE Sensex drifting towards 60,500 and Nifty 50 dipping below the sentimental 18,000-mark.

The negative downside has weakened the core support levels  of several stocks and their reversal seems uneasy at the current juncture. These stocks may either see sideways move and decline towards the next lower levels.

Engineers India Ltd (ENGINERSIN)

Likely target: Rs 68

Downside potential:  8%

The formation of “Double Top” indicates a negative trend in the medium-term perspective for the stock, as per the daily chart. This weakness can force the stock drop to Rs 68, which was the recent reversal mark. The volumes on the red candles show aggressive selling pressure and the price action of stock has not been able to defeat it. The immediate resistance for the stock comes at Rs 76 and Rs 78 levels.  CLICK HERE FOR THE CHART

 

Indiamart Intermesh Limited (INDIAMART)

Likely target: Rs 6,650

Downside potential:  10%

The massive decline from the hurdle of Rs 9,500 indicates the stock's inability to retrieve notably. This negativity reflects that the stock may be heading towards the earlier reversal and accumulation range of Rs 6,650 to Rs 6,750. The Relative Strength Index (RSI) has formed a negative crossover with strong volumes, indicating bearishness to get aggressive if the stock continues to show weakness ahead, according to the weekly chart. The immediate resistance for the stock exists at Rs 7,600.  CLICK HERE FOR THE CHART

HDFC Life Insurance Company Ltd (HDFCLIFE)

Likely target: Rs 660

Downside potential:  6%

The shares of HDFC Life Insurance Company Ltd have formed “Lower High, Lower Low” pattern, which suggests a downside in the upcoming sessions. In addition, the trendline resistance at the Rs 725 acts as the immediate obstacle for a positive reversal. The bearish sentiment indicates a negative trend towards Rs 660-level, according to the daily chart. The Moving Average Convergence Divergence (MACD) has breached the zero line downward signalling weakness.  CLICK HERE FOR THE CHART

 

Star Cement Ltd (STARCEMENT)

Likely target: Rs 95

Downside potential:  7%

The shares of the Star Cement Ltd broke the crucial support of Rs 105 diving below Rs 100-mark in recent trades. The reversal, if any, may see strong selling pressure around the Rs 105, which has now become a resistance. The RSI has a strong resistance at 50 value, wherein selling pressure is expected to see more addition of shorts. The weakness may see the stock drop to Rs 95-level.  CLICK HERE FOR THE CHART

Syngene International Ltd (SYNGENE)

Likely target: Rs 520

Downside potential:  7%

The daily chart shows “Double Top” and “Head and Shoulder” formation symbolizing weakness from a medium-term perspective. Besides, the stock has breached significant support of Rs 585-level. The stock price is gradually losing the positive bias and may drift towards Rs 520. On the upside, immediate resistance for the stock exists at Rs 570 and Rs 580 levels. CLICK HERE FOR THE CHART



Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel
Key stories on business-standard.com are available to premium subscribers only.

Already a premium subscriber?

Subscribe to get an across device (Website, Mobile Web, Iphone, Ipad, and Android Phone applications) access to Premium content, Breaking News alerts, Industry Newsletters, Stock and Corporate news alerts, access to Archives and a lot more.

Read More on

BEARISH TREND MAY CONTINUE TECHNICALS

INDIAMART

HDFC LIFE INSURANCE COMPANY

STOCKS TECHNICAL ANALYSIS

MARKETS

NEWS


Most Read

Markets

Companies

Opinion

Latest News

Todays Paper

News you can use