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IndusInd Bank, Eicher Motors, HPCL: 10 stocks that look bearish on charts

As the Nifty slips toward its 200-day moving average (DMA) placed at 11,685 levels, several stocks have started showing weakness and this trend may get carried forward in the coming sessions if the selling pressure continues to accelerate.

Although cement and FMCG stocks are looking relatively better for now, the upside seems capped at higher resistance levels. Few pharma stocks like Divi's Laboratories, Torrent Pharmaceuticals are showing positive trends, others are not supportive of the major upside.

Various parameters are showing the reversal in positive trend as per the weekly chart. Technical indicators such as Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) have started showing weakness with negative crossovers, as per the daily chart.

Broadly, the moving averages such as 50-DMA, 100-DMA and 200-DMA highlight the support levels in an uptrend. Whenever this support gets broken or there is negative convergence of moving averages, it indicates a major shift in the sentiment.

Here’s is the list of stocks looking bearish on charts:-

Source: spidersoftwareindia

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