Today, the Indian stock markets ended on a negative note. The Nifty 50 index closed at 24,852.15, dropping by 292.95 points or 1.17%. Meanwhile the BSE Sensex experienced a steeper decline closing at 81,183.93, down by 1,017.23 points or 1.24%. Nifty Bank also saw a decline closing at 50,576.85, down by 896.20 points or 1.74%.
Top 5 Loser Stocks
1. State Bank of India (SBIN)
– Open: Rs 811.50
– High: Rs 812.90
– Low: Rs 777.00
– Close: Rs 783.90 (down by 4.26%)
SBIN Chart
SBIN is trading near its ascending trendline support, indicating a potential reversal. However, the short-term trend appears bearish. If the support holds, the next target lies within the Rs 830 to Rs 846 range, where a Fair Value Gap (FVG) is present. If the support is breached, the stock might continue to trade lower.
2. Bharat Petroleum Corporation Limited (BPCL)
– Open: Rs 362.35
– High: Rs 365.25
– Low: Rs 351.05
– Close: Rs 352.25 (down by 2.34%)
BPCL has broken out of a bullish pennant and retested it successfully, indicating a bullish trend continuation. The next target is set at Rs 367, with a strong support level at Rs 355, the current bullish pennant’s base.
3. ICICI Bank
– Open: Rs 1,225.95
– High: Rs 1,233.90
– Low: Rs 1,205.00
– Close: Rs 1,209.45 (down by 2.14%)
ICICI Bank is showing signs of a bearish trend, possibly forming a double top pattern. The stock is expected to test the lower support of the ascending channel around Rs 1,125. If the pattern confirms, further downside is expected.
4. NTPC
– Open: Rs 403.25
– High: Rs 404.65
– Low: Rs 392.70
– Close: Rs 395.00 (down by 2.05%)
NTPC remains bullish overall despite today’s drop. The stock is currently testing support at Rs 394. If this support fails, the next target is Rs 362, the recent low. Conversely, a rejection at this level could push the stock towards the recent high of Rs 426.
5. HCL Technologies (HCLTECH)
– Open: Rs 1,788.00
– High: Rs 1,795.75
– Low: Rs 1,740.05
– Close: Rs 1,754.00 (down by 2.04%)
HCLTECH has recently broken out of its Rs 1,697 resistance zone and continued its bullish trajectory. Today’s drop appears to be a retest of this new support level. The next likely target if the bearish momentum continues is a full retest to the horizontal support at Rs 1,697. The other next support is the Rs 1,817 after a successful resest continuing the upward momentum.
