ACC, Cipla: 66 stocks from Nifty 500 index are showing weakness on charts

Few pharma stocks are expected to weaken at higher levels.

The domestic stock market is on a record-breaking spree. On Friday, the benchmark S&P BSE Sensex hit a fresh all-time high of 46,309.63 during the intra-day deals while NSE's Nifty scaled a record peak of 13,579.35. Since their March 2020 lows, both Sensex and Nifty have jumped 80 per cent, each, NSE and BSE data show. 

However, amid this relentless rally, few stocks are showing weakness on their respective technical parameters. For instance, as many as 66 stocks, including select pharma and cement counters, from the Nifty 500 index are expected to see profit-booking in the coming sessions.   

Some of these stocks are trading in the overbought condition of the Relative Strength Index (RSI) on the weekly scale while in others, one can see momentum on the Moving Average Convergence Divergence (MACD) exhibiting negative crossovers, as per the daily charts.

The next upside for these Nifty 500 stocks is possible only if they see an increase in volumes after crossing their selling pressure range. Stocks in the pharma index are weakening at higher levels, however, a strong move above their current resistance may see a next upward rally. But at the current levels, stocks such as Cipla, Jyothy Labs, Zydus Wellness from the pharma pack, and cement stocks such as ACC Limited, Shree Cement Limited, and Star Cement Limited, are indicating profit-booking.

Here is a list of 66 stocks from Nifty 500 index that are showcasing weakness.