TCS, HUL, Ashok Leyland, 2 more stocks may fall up to 14%: Tech analyst

Muthuselvaraj M, Research Analyst at Mirae Asset ShareKhan highlights that TCS and HUL have broken down from a triangle pattern, while Ashok Leyland may have formed a double top on the weekly chart.

The US-Iran war is taking a heavy toll on the market with almost 75 per cent of the Nifty 500 stocks now trading with losses on a year-to-date (YTD) basis. An analysis of the Nifty 500 stocks shows that 1 in every 2 shares are down more than 10 per cent when compared to 2025 closing price.  Aditionally, 21 stocks shed more than one-third of their value, holding losses up to 46 per cent on an YTD basis, shows ACE Equity data. Amid the persistent fall select stocks are now showing signs of further weakness based on the technical chart patterns, says analyst.  Muthuselvaraj M, Research Analyst at Mirae Asset ShareKhan highlights that TCS, Hindustan Unilever, Ashok Leyland, GSPL and TI India as five stocks showing weak signals on technical charts, and hence prone to further downside.  ALSO READ | Stocks to avoid; Colgate, IEX, Akzo Nobel look technically weak: Analyst  Here's a detailed technical outlook on these 5 stocks by Muthuselvaraj M: 

Tata Consultancy Services (TCS)

Last close: ₹2,465 

 

 

  TCS has traded below the lower boundary of the triangle on the weekly chart, suggesting continued selling pressure towards ₹2,160 (12.4 per cent downside risk), with immediate resistance at ₹2,680 for the short and medium term, says Muthuselvaraj.  The weekly momentum indicator RSI shows a lower top, lower bottom pattern with a downward sloping trend line, highlights the analyst. 

Hindustan Unilever (HUL)

Last close: ₹2,161 

 

  The analyst highlights that HUL has broken out of its ascending triangle pattern on the downside. The price is also trading below short-term exponential moving averages, suggesting continued selling pressure.  Further, the momentum indicator RSI shows a downward trend, currently at 36. This could lead to a downside target of ₹1,850 (downside risk of 14.4 per cent) for the short and medium term. A reversal would only occur if it surpasses ₹2,335 on the upside, says Muthuselvaraj. 

Ashok Leyland

Last close: ₹184.66 

 

  Ashok Leyland is showing signs of correction from its peak of ₹215, forming a double top on the weekly chart, notes Muthuselvaraj.  "The weekly momentum indicator RSI is trending downward from the overbought zone. This suggests a potential downside trend towards ₹177-₹170. Therefore, the negative sentiment is likely to remain for the short to medium term," says the analyst. This translates into a downside risk of 8 per cent from Wednesday's close. 

Gujarat State Petronet (GSPL)

Last close: ₹285 

 

  GSPL has broken out of the triangle on the downside, suggesting a negative trend towards ₹270 - ₹260 (nearly 9 per cent downside risk), with ₹306 as resistance in the short term, says the analyst from Mirae Asset ShareKhan.  "The price is also below short-term moving averages. The momentum indicator RSI shows a lower top, lower bottom pattern on the weekly chart. Therefore, the stock is in a corrective phase for the short and mid-term," explains Muthuselvaraj. 

Tube Investments of India (TI India)

Last close: ₹2,566 

 

  TI India has traded with consolidation, forming a lower-top, lower-bottom pattern on the weekly timeframe. The price is trading below short-term exponentials, indicating a negative trend, highlights the analyst from Mirae Asset ShareKhan.  Muthuselvaraj believes the stock could slide towards ₹2,475 - ₹2,200 (downside risk 14.3 per cent) on the downside in the short and medium- term; while reversal could occur once it surpasses the ₹2,825 level.  The weekly RSI indicates a downside with a standing below 45. Thus, the weakness could continue in the upcoming timeframe, the analyst adds.  Disclaimer: The views expressed by the brokerage/ analyst in this article are their own and not those of the website or its management. Business Standard advises users to check with certified experts before taking any investment decisions.