The
Nifty Midcap index has slipped over 2 per cent from its recent high of 21,955 in the last five trading sessions. In doing so, the Midcap chart shows that the index has dipped below the near-term trend line indicator, thus advocating a sign of caution.
The daily technical chart shows that the Nifty Midcap index is seen seeking support around its 20-Day Moving Average (20-DMA), which stands at 21,470; below which a key support for the index lies at 21,365. Break of the same shall invite fresh weakness in the index.
Given this background, here are 5 midcap stocks that can potentially crack up to 23 per cent from here based on the existing chart set-up.
Midcap stocks looking weak on charts
BSE
Current Price: ₹2,079
Likely Target: ₹1,600
Downside Risk: 23%
Support: ₹2,023; ₹1,940; ₹1,840; ₹1,770
Resistance: ₹2,130; ₹2,230
BSE stock is seen trading below its long-term 200-Day Moving Average, which stands at ₹2,130, for the second straight trading session. Break and sustained trade below the long-term moving average tends to have bearish implications on the stock. The daily chart shows that the short-term bias is likely to remain tepid as long as the stock trades below 2,230 levels.
On the medium-term time-frame, the stock is seen trading close to its 50-Week Moving Average (50-WMA), which stands at ₹2,023. The stock has consistently found support at the 50-WMA since June 2023; thus highlighting the significance of this support level.
In case the support level is violated, BSE stock can potentially witness a sharp fall towards ₹1,600-odd levels, with interim support anticipated around ₹1,940, ₹1,840 and ₹1,770 levels.
360 One Wam
Current Price: ₹1,023
Likely Target: ₹940
Downside Risk: 8.1%
Support: ₹995
Resistance: ₹1,052; ₹1,095
360 One share price has declined over 8 per cent in the last one week. The stock at present is seen trading the lower-end of the Bollinger Bands on the daily chart. That apart, the price-to-moving averages action shows that the 50-DMA is seen sliding downwards towards the 200-DMA; a negative crossover could signal a 'Death Cross' pattern with bearish implications at the counter.
On the downside, the stock may tumble towards the trend line support on the weekly charts, which indicates a likely target of ₹940 levels - an 8.1 per cent downside risk from here. Interim support for the stock is seen at ₹995. Bias to remain subdued as long as stock quotes below ₹1,095 with near resistance seen at ₹1,052 levels.
Max Healthcare Institute
Current Price: ₹1,140
Likely Target: ₹1,020
Downside Risk: 10.5%
Support: ₹1,120; ₹1,053
Resistance: ₹1,163; ₹1,190
Max Health stock is seen trading below its 200-DMA for the second straight trading session. The daily chart shows that the near-term bias is likely to be negative as long as the stock trades below ₹1,208 levels, with intermediate hurdles seen at ₹1,163 and ₹1,190 levels.
On the downside, the stock is seen seeking support at the 50-WMA, which now stands at ₹1,120 - a key average the stock has held since August 2022. Break of the same can drag the stock lower to ₹1,053 levels; below which a dip towards ₹1,020 seems likely.
Crisil
Current Price: ₹4,762
Likely Target: ₹4,100
Downside Risk: 13.9%
Support: ₹4,650; ₹4,500; ₹4,300; ₹4,240
Resistance: ₹4,800; ₹4,985; ₹5,085
Crisil stock is seen trading on a negative note for the sixth straight trading session. The daily chart shows that the near-term bias at the counter is likely to remain bearish as long as the stock trades below ₹4,800 levels. Whereas, the overall bias is likely to favour the bears as long as the stock remains below ₹5,085 levels, with interim resistance seen at ₹4,985 levels.
On the downside, the stock has near support around ₹4,650 levels, in the form of the 100-WMA. Break and sustained trade below the same shall open the doors for a likely slide towards ₹4,100 levels. Intermediate support for the stock can be anticipated around ₹4,500, ₹4,300 and ₹4,240 levels.
Coforge
Current Price: ₹1,622
Likely Target: ₹1,430
Downside Risk: 11.8%
Support: ₹1,594; ₹1,560; ₹1,460
Resistance: ₹1,673; ₹1,725; ₹1,766
Coforge stock is also seen trading below the 200-DMA for the second straight trading session. The overall bias at the counter is likely to remain tepid as long as the stock quotes below ₹1,766; with interim resistance visible around ₹1,673 and ₹1,725 levels.
On the downside, the stock has near support at ₹1,595; below which a slide to ₹1,430 seems likely. Interim support for the stock can be anticipated around ₹1,560 and ₹1,460 levels.
 "Stock crash ahead? BSE, Max Health face up to 23% downside risk; check why")
