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

Engineers India, Star Cement and Syngene International too can decline up to 7% in the medium term, indicate charts

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