Rajesh Exports, Brightcom: Trading strategies for top losers in 2023 so far

Among the Nifty 500 index losing pack so far, Rajesh Exports, Delta Corp and V-Mart Retail can potentially gain up to 15 per cent from current levels, charts show.

Despite the roller-coaster ride so far this year, the benchmark and broader indices have not only managed to log significant gains but also scale record life-time highs in 2023. Among the frontline indices, the Sensex and Nifty have rallied around 10 per cent and 11 per cent so far.

Meanwhile, among the broader indices, the NSE MidCap index has surged 35 per cent, while the SmallCap has zoomed 44 per cent. The much-broader Nifty 500 index has gained 16.4 per cent. 

As a matter of fact, four out of every five stocks among the Nifty 500 are trading with gains in the calendar year so far, with BSE and Jindal Saw as the top movers - up almost 350 per cent. Another 42 stocks have rallied in the range of 100 - 300 per cent.

On the flip side, among the 100-odd losers in the Nifty 500 Adani Group shares feature prominently with losses of up to 80 per cent. That apart, Rajesh Exports, Brightcom Group, V-Mart Retail, Allcargo Logistics, PolyPlex Corporation, Delta Corp, Campus Activewear, Epigral, Easy Trip Planners, Fine Organic Industries, Balaji Amines and Vendata are the major losers - down 25 - 52 per cent.

While, market seems to be buzzing with benchmark indices trading at fresh all-time highs, will the optimism in the broader market help some of these stock recoup losses?

Here's what the charts suggest for select five stocks:

Rajesh Exports

Current Price: Rs 353

Trading Range: Rs 340 - 375

Upside Potential: 13%

Barring the Adani Group shares, Rajesh Exports has witnessed a steep fall of nearly 52 per cent among the Nifty 500 stocks so far in 2023. The stock has consistently made lower highs, lower lows throughout the year.

Presently, the stock seems to be in a consolidation phase, after hitting a low at Rs 334. Further, the stock is also seen testing support on the monthly chart at Rs 550 - i.e. its 200-MMA (Monthly Moving Average). 

Key momentum oscillators on the daily chart have turned favourable, but remain negative on the medium- and longer-term scale. As per the daily chart, the stock is trading a band of Rs 340 - 375, breakout on the upside could lead the stock towards its super trend line resistance at Rs 400-level. On the other hand, the recent low at Rs 334 could provide some cushion for the stock. CLICK HERE FOR THE CHART

Brightcom Group

Current Price: Rs 16.85

Resistance: Rs 17.50; Rs 17.80

This stock has witnessed a bizarre run on the bourses this year. After hitting a high at Rs 36.45, the stock crashed to a low of Rs 12.75 - a sharp 65 per cent fall in less than three months. For the last two months, the stock has broadly moved sideways in the range of Rs 14.50 - 18.

The stock seems to be presently testing resistance around its 50-DMA (Daily Moving Average) at Rs 17.50, above which the next major hurdle lies at Rs 17.80 - the super trend line.

The weekly chart suggests that the bias for the stock is likely to remain tepid as long as it trades below Rs 26.50. CLICK HERE FOR THE CHART

V-Mart Retail

Current Price: Rs 1,760

Support: Rs 1,725; Rs 1,690

Resistance: Rs 1,844

Upside Potential: 15.4%

Despite having declined as much as 39 per cent so far this calendar year, the stock has off late managed to pull back above its Super Trend Line resistance, thus raising hopes of some stability going forward.

As per the daily chart, the 20-DMA at Rs 1,725 and the Super Trend Line at Rs 1,690 are likely to act as near-term supports for the stock. On the upside, the stock needs to break above its 50-DMA at Rs 1,844, in order to open the doors for further recovery.

In case the stock is able to clear the 50-DMA hurdle, it can potentially rally towards the 100-DMA at Rs 2,034 - thus suggesting a potential upside of up t 15 per cent from current levels. CLICK HERE FOR THE CHART

Delta Corp

Current Price: Rs 147.5

Support: Rs 140; Rs 135

Upside Potential: 10.5%

Delta Corp has declined 33 per cent so far this year. However, the stock after a prolonged phase of consolidation is attempting to breakout on the upside. 

Presently, the stock is trading above its 20- and 50-DMA. Further, the 20-DMA is on the verge of surpassing the 50-DMA, which should further aid the sentiment. Overall, the bias is likely to remain cautiously optimistic for the stock as long as the stock sustains above Rs 135. Near support for the stock can be expected around Rs 140 - wherein the 20- and 50-DMAs coincide.

On the upside, the stock needs to trade consistently above Rs 146, so that it can rally and test the 100-DMA at Rs 163. CLICK HERE FOR THE CHART

Easy Trip Planners

Current Price: Rs 38.70

Trading range: Rs 37 - Rs 47

The stock has been trading on a fairly volatile note, in the price band of Rs 37 - Rs 47 since the last four months. Presently, the stock is seen trading near the lower-end of the existing trading range, thus raising hopes of likely support around Rs 37 level.

In case, the stock does manage to honour the support at Rs 37, it could potentially look to pullback towards the higher-end of the trading range, with resistance expected around the 100- and 200-DMA at Rs 41.10 and Rs 43.30, respectively. CLICK HERE FOR THE CHART