Raymond, EIL: Trading strategies in stocks that exited $1 bn marketcap club

Technical chart shows that select stocks such as Raymond, TTK Prestige and Engineers India which dropped out of the elusive club can slide another 19 per cent from here on.

The recent market downturn has taken a toll on stocks across-the-board. An analysis of India's most-valued companies in terms of market capitalisation by Business Standard shows that as many as 118 listed companies have dropped below the $1 billion market club in the last five months.  At the peak of the market rally, a total of 618 companies were part of the elusive $1 billion market club. That number has since fallen to 500 following a $1 trillion wipe-out in India's market capitalisation. Similarly, companies with over $10 billion valuation have declined from 127 to 91 in the same period.  Among these, Raymond, TTK Prestige, Edelweiss Financial Services, Kirloskar Oil Engines, and Engineers India were few of the prominent names to fall out of the $1 billion market-cap club. READ MORE  Raymond  Current Price: Rs 1,320  Downside Risk: 18.9%  Support: Rs 1,270; Rs 1,135  Resistance: Rs 1,390; Rs 1,450  Raymond stock is seen seeking support around its monthly super trend line, which stands at Rs 1,270 - a key technical indicator the stock has held since November 2021. As long as this support is respected, the stock may make attempts for a recovery. Any pullback in the stock is likely to be capped around to Rs 1,450 levels, with near resistance seen at Rs 1,390. CLICK HERE FOR THE CHART  On the flip side, in case, the key support is violated it shall open the doors for an extended fall towards Rs 1,070 levels. Interim support for the stock can be anticipated at Rs 1,135.    TTK Prestige  Current Price: Rs 615  Downside Risk: 10.6%  Support: Rs 570  Resistance: Rs 675  TTK Prestige stock is expected to face downwards pressure in the near-term as long as the stock trades below Rs 625. On the downside, the stock can slide to Rs 550, with interim support seen at Rs 570 levels. In case of a pullback, the stock is expected to counter stiff resistance around Rs 675 levels. CLICK HERE FOR THE CHART  Edelweiss Financial Services  Current Price: Rs 90.65  Upside Potential: 32.3%  Support: Rs 86.15  Resistance: Rs 97; Rs 111  Edelweiss Financial Services is seen trading in a fairly oversold zone, and testing support at its 20-MMA (Monthly Moving Average) at Rs 86.15. The stock has been trading above its 20-MMA since April 2023. As long as this support is respected, the stock can potentially attempt a pullback to Rs 120 levels. Interim resistance for the stock can be anticipated at Rs 97 and Rs 111 levels. CLICK HERE FOR THE CHART  Kirloskar Oil Engines  Current Price: Rs 602  Upside Potential: 13%  Support: Rs 570  Resistance: Rs 640; Rs 650  Kirloskar Oil Engines has witnessed a massive 61 per cent plunge from its September 2024 high of Rs 1,399. The stock is trading in a fairly oversold zone, with some signs of a likely pullback in the near-term. The near-term bias seems cautiously optimistic as long as the support at Rs 570 is held. On the upside, the stock can attempt a pullback to Rs 680 levels; with interim resistance likely around Rs 640 and Rs 650 levels. CLICK HERE FOR THE CHART  Engineers India (EIL)  Current Price: Rs 151.20  Downside Risk: 16%  Support: Rs 147; Rs 132  Resistance: Rs 162; Rs 170  Engineers India stock is expected to trade with a negative bias as long as the stock trades below Rs 170 hurdle, near resistance for the stock exists at Rs 162. On the downside, the stock can potentially tank to Rs 127 levels, with interim support likely around Rs 147 and Rs 132 levels. CLICK HERE FOR THE CHART