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The markets opened with a sharp gap down on Wednesday and continued to trade lower throughout the session. The index ended 1.15% lower while saw a cut of 1.18%.
Here are 2 shares that were among many that played a spoiler in the Bulls party.
Coforge Limited
Coforge Limited (NS:) is an IT company with a market capitalization of INR 33,995 crore. The stock is clearly in a short-term uptrend, but the selling pressure from the higher levels is showing signs of profit-booking from investors. The stock fell 2.29% to INR 5,418 and breached its rising trendline support.
Image Description: Daily chart of Coforge with volume bars at the bottom
Image Source: Investing.com
As the trend is weakening, the stock might slide further to INR 5,088 as it will then form a lower low and lower high formation. If the previous swing high of INR 5,630 is breached, then the uptrend will likely resume.
ICICI Prudential Life Insurance Company Limited
ICICI Prudential Life Insurance Company Ltd (NS:) has a market capitalization of INR 86,751 crore and trades at an expensive valuation, with a TTM P/E ratio of 100.5. The stock took a hit of 2.4% to INR 588.2, closing near the bottom end of the day’s range which is a bearish signal.
Image Description: Daily chart of ICICIPRULI with volume bars at the bottom
Image Source: Investing.com
After a one-sided rally in the past 4 sessions, investors might be taking some profit home and hence the likelihood of the stock to fall to INR 570 is high.
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