The following 5 stocks - SRF, Devyani International, Sumitomo Chemical India, Sona BLW Precision Forgings and PI Industries are likely to trade on a tepid note in the current market as per indications from individual technical charts.
SRF, Devyani International and Sumitomo Chemical have witnessed the formation of 'Death Cross' a bearish technical formation on the daily chart; wherein the shorter-term - 50-Day Moving Average (50-DMA) has slipped below the 200-DMA.
Similarly, Sona BLW Precision Forgings (familiarly known as Sona Coms) and PI Industries have seen one of its momentum oscillators, the Moving Average Convergence-Divergence (MACD), witness a negative crossover.
Here's a detailed technical analysis on each of these 5 stocks, with key levels to watch out for.
SRF
Current Price: ₹2,831
Likely Target: ₹2,640
Downside Risk: 6.8%
Support: ₹2,780; ₹2,720
Resistance: ₹2,885; ₹2,966; ₹3,000
The daily chart shows that the short-term trend for
SRF stock is likely to remain tepid below ₹3,000, with near resistance visible at ₹2,885 and the 200-DMA at ₹2,966. On the downside, the stock can fall to ₹2,640. Intermediate support for SRF can be expected around ₹2,780 and ₹2,720 levels.
Devyani International
Current Price: ₹143
Likely Target: ₹132.70
Downside Risk: 7.2%
Support: ₹139.40
Resistance: ₹148; ₹154; ₹167.85
Devyani International share is seen testing support at the monthly trend line around ₹139.40; below which the stock can slip to ₹132.70. The short-term trend is likely to remain tepid below ₹148; above which resistance is seen at ₹154, and the long-term 200-DMA at ₹167.85.
Sumitomo Chemical India
Current Price: ₹460
Likely Target: ₹414
Downside Risk: 10%
Support: ₹461; ₹445; ₹422
Resistance: ₹485; ₹495; ₹505
Sumitomo Chemical stock is seen testing the 200-Week Moving Average (200-WMA) support at ₹461 - a key technical indicator the stock has held since April 2024. A downside breakout can drag the stock to ₹414 levels, with interim support likely around ₹445 and ₹422. The upside for the stock seems capped at ₹505, with near resistance likely around ₹485 and ₹495 levels.
Sona BLW Precision Forgings (Sona Coms)
Current Price: ₹483
Likely Target: ₹450
Downside Risk: 6.8%
Support: ₹476; ₹462
Resistance: ₹489; ₹500
Sona Coms stock is seen trading around its 200-DMA for the last three weeks. Key momentum oscillators like the MACD, Relative Strength Index (RSI) and Stochastic Slow show a negative crossover, thus implying that the stock may witness a tepid trend in the near-term.
As such, the stock may dip towards ₹450, with interim support likely around the 200-DMA at ₹476 and trend line at ₹462. On the upside, the 50-WMA at ₹489 is acting as an immediate resistance above which hurdle for the stock exists at ₹500.
PI Industries
Current Price: ₹3,520
Likely Target: ₹3,000
Downside Risk: 14.8%
Support: ₹3,485; ₹3,385
Resistance: ₹3,750; ₹3,805; ₹3,845
PI Industries stock has retreated after testing the 100-DMA hurdle at ₹3,805; near resistance for the stock stands at ₹3,750, while the overall trend is likely to be negative below ₹3,845. On the downside, the stock has near support at ₹3,485 and ₹3,385 levels; below which a slide towards ₹3,000-mark cannot be ruled out.
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