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Chart check: 10 Nifty stocks that can slip further from the current levels

Here are a few stocks that can head down over the next few sessions as per their technical chart patterns

Avdhut Bagkar  |  Mumbai 

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BHARTI AIRTEL : The stock has been continuously trading below its 200-day moving average (DMA) since March 2018, as per chart patterns. The recent pattern indicates a double-bottom. However, the stock has failed to break out and has been unable to move past the 100-DMA at around Rs 345 – 340 levels.

: The stock has seen a consistent sell-off. The technical indicators suggest a negative crossover, which is unlikely to change anytime soon.

: The stock witnessed strong consolidation from January 2018 to November 2018 in the range Rs 255 – 300 levels. It breached a crucial level of Rs 255 and is hovering at Rs 235 levels. The Moving Average Convergence Divergence (MACD) suggest that the counter is trading in negative crossover (below 10).

: The stock is trading below 100-DMA from December 2017. The chart formation indicates "lower tops lower bottom."

M&M : The stock has slipped lower after consolidating in the range of Rs 720 – 800. Its 50-DMA stands at Rs 768 – far from the current levels of Rs 722. As per stochastic indicators, the counter has made positive crossover. However, the MACD is still in the negative terrain. Mixed signals from technical indicators.

ONGC : A clear breakdown of "Symmetrical Triangle" as per daily chart patterns. The stock trading below previous low of Rs 142. The oscillator RSI trading in 40 - 30 range. It can head lower in the coming sessions.

POWERGRID: The stock is having "Low Standard Deviation" with average traded volumes. The stock is unable to conquer its 200-DMA as per the daily chart patterns. The overall trend looks weak.

TATA MOTORS: All the major technical indicators RSI, MACD & Stochastic trading in oversold region. That said, the stock is likely to remain flat to negative from the current levels. Follow-up buying is needed, which is unlikely to come in.

UPL: The stock is witnessing pressure around Rs 790 level as per daily chart patterns. The immediate support comes at Rs 725 and Rs 715 levels, respectively.

ICICI BANK: The stock is trading at higher end of the trend and has formed ‘head & shoulder’ in daily charts. The support is at Rs 342 and Rs 338. The stock needs to remain above these supports for an upside.

First Published: Mon, December 10 2018. 12:51 IST
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