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Today’s brutal selling took a toll on all sectors as none of them was able to hold their ground by the closing. The benchmark index closed with a cut of 1.53% to 17,554.3 while the Nifty Small Cap 100 index was down 1.14% to 9,244.8.
In today’s session, one could rarely find stocks in the green zone let alone stellar rallies. With the market sentiments changing abruptly, here are 3 F&O shares that delivered a good breakdown on Wednesday.
Astral Limited
Astral Limited (NS:) is a well-known brand in the PVC pipes space, having a market capitalization of INR 39,172 crores. The stock took a heavy beating in today’s session and ended with a cut of 4.5% to INR 1,856.9 which is the lowest level since August last year.
Image Description: Daily chart of Astral with volume bars at the bottom
Image Source: Investing.com
The stock also closed near the day’s low which is another sign of high-intensity selling pressure. Today, it broke below major support of INR 1,870 on a closing basis which has opened the gates for a further downside potential to INR 1,800. As long as the stock does not cross INR 1,965 on the upside, the trend should be deemed to be a negative one.
Tata Motors Limited
Tata Motors Ltd (NS:) is an automotive player with a market capitalization of INR 1,56,155 crores and is the only loss-making company from the Nifty 50 list. Although it made its first quarterly profit in Q3 FY23, after Q3 FY21, the chart still looks on the weaker side.
Image Description: Daily chart of Tata Motors with volume bars at the bottom
Image Source: Investing.com
For the last few sessions, the stock had been taking support around INR 430 which has finally been broken today as it penetrated below it and closed the session 1.62% lower at INR 429.45. There still seems a probability of a further slide to INR 420 in the short term which is on the conservative side.
Axis Bank Limited
AXIS Bank Ltd (NS:) is a private-sector lender with a market capitalization of INR 2,59,643 crores and is one of the weakest counters in the banking space. This is because the stock just closed at a major breakdown level of a Head & Shoulders chart pattern on the weekly chart which is projecting a very steel fall, if it falls further.
Image Description: Weekly chart of Axis Bank with volume bars at the bottom
Image Source: Investing.com
The stock ended 1.27% lower at INR 833.35 and might keep getting sold off till the next support level of INR 815. However, in the long term, a possibility of a crack up to INR 710 is also there, which is a decent 15% cut from the CMP.
Read More: Divergence: Small-Cap Outperforms Market with 3% Gain!
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