Stock crash ahead? BSE, Max Health face up to 23% downside risk; check why

Midcap stocks BSE, 360 One Wam, Max Healthcare, Crisil and Coforge look technical weak on charts, hence may dip from current levels. Here are the key levels to track on these 5 stocks.

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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.