These 5 pharma stocks can fall up to 12% as technical charts flag caution

Abbott India, Aurobindo Pharma, Cipla, Dr Lal PathLabs and Torrent Pharma flag caution signals on technical charts; here are the key levels to watch out for.

Abbott India, Aurobindo Pharma, Cipla, Dr Lal PathLabs and Torrent Pharma are the 5 pharma stocks that have flagged a caution signal on the technical charts.  Technically, these 5 stocks have seen a negative crossover of the key momentum oscillators like - the Relative Strength Index (RSI), Stochastic Slow or the Moving Average Convergence-Divergence (MACD) on the daily scale. Negative crossover of key momentum oscillators, coupled with violation of key support levels tends to weigh on the stock sentiment.  Here's a detailed technical analysis of each of these 5 stocks - Abbott India, Aurobindo Pharma, Cipla, Dr Lal Path Labs and Torrent Pharma - with likely downside risk, and key support and resistance levels to watch out for. 

Abbott India

Current Price: ₹30,405  Downside Risk: 11.2%  Support: ₹29,550; ₹29,100; ₹28,800  Resistance: ₹31,100  Abbott India stock is seen trading around its short-term moving averages - the 20-Day Moving Average (20-DMA) and the 50-DMA, which stand at ₹30,500 and ₹30,285 levels. On the downside, the stock can slip to ₹27,000-mark, with interim support likely around ₹29,550, ₹29,100 and ₹28,800 levels. The near-term bias is likely to remain tepid as long as the stock trades below ₹31,100 levels. CLICK HERE FOR THE CHART  ALSO READ |  LIC stock breaks above 200-DMA after 8 months; here's what may happen next 

Aurobindo Pharma

Current Price: ₹1,164  Downside Risk: 9.8%  Support: ₹1,144; ₹1,123  Resistance: ₹1,250  Aurobindo Pharma stock is seen trading with a tepid bias ever-since the stock broke below its weekly super trend line. At present the stock is seen seeking support around its 100-Week Moving Average (100-WMA), which stands at ₹1,144; below which notable support exists around ₹1,123. Break of these 2 support levels, could drag the stock back towards its key monthly support at ₹1,050 levels. Bias to remain negative as long as the stock trades below ₹1,250 levels. CLICK HERE FOR THE CHART 

Cipla

Current Price: ₹1,473  Downside Risk: 11.7%  Support: ₹1,450; ₹1,430; ₹1,382  Resistance: ₹1,540  Cipla stock is seen trading around its 100-DMA, which stands at ₹1,492, for the last few trading sessions. Chart suggests that break and sustained trade below ₹1,450, can trigger a fall towards ₹1,300 levels. Interim support can be anticipated around ₹1,430 and ₹1,382 levels. Bias likely to remain tepid as long as the stock trades below ₹1,540. CLICK HERE FOR THE CHART  ALSO READ |  Eternal vs. Swiggy: Tech charts favour this stock, hint up to 21% upside 

Dr. Lal PathLabs

Current Price: ₹2,819  Downside Risk: 8.5%  Support: ₹2,750; ₹2,700; ₹2,650  Resistance: ₹2,917; ₹3,020  Dr Lal PathLabs stock has been struggling around its 50-Week Moving Average (50-WMA) for the last six weeks. Tech charts suggest that the near-term bias for the stock is likely to remain negative as long as the stock trades below ₹2,917 and ₹3,020 levels.  On the downside, the stock is seen testing support at the 20-DMA, which stands at ₹2,808; break and sustained trade below the same can trigger a slide towards ₹2,580 levels, with intermediate support anticipated around ₹2,750, ₹2,700 and ₹2,650 levels. CLICK HERE FOR THE CHART 

Torrent Pharma

Current Price: ₹3,154  Downside Risk: 9%  Support: ₹3,084; ₹3,038; ₹2,911  Resistance: ₹3,220  Torrent Pharma stock has been consistently seeking support around ₹3,160 levels - wherein the 20-WMA and 50-WMA converge. On the downside, the stock could dip to ₹2,870 levels, with interim support likely around ₹3,084, ₹3,038 and ₹2,911 levels. The near-term bias is likely to remain negative as long as the stock trades below ₹3,220. CLICK HERE FOR THE CHART