Below are few of the stock which are looking technically weak and can crack up to 10%.
- DMART: Avenue supermarkets, the retail chain is popularly known as DMART has always been in limelight. This stock has always been a favourite of the street. Dmart has given close to 102% return in last 1 year. Technically stock is been range bound for a month. During Apr 18 it is moving between 1466-1538 range. It could give a breakout in any direction but a downside is more probable. On 30 Apr,18 there was an increase in delivery of the stock and has given shooting star signal.
DMART has very strong fundamentals, therefore, could be added for long between 1300-1400 for a target of 1500-1600+.
Below is the chart of Dmart
The delivery pattern of Dmart
2. DHFL: This NBFC has been the action for last 6-7 weeks. It has given 32% return is just last 6 weeks. Technically stock is in the overbought range with RSI around 75+ and given a signal of shooting star formation. It has a strong around 640. If the stock moves higher towards 650-660 levels then it could quickly climb and make new 52 weeks high.
Being an FnO stock maximum call writing was seen at 660 levels and put writing at 620 levels.
Traders are advised to wait for the confirmation before taking any position.