Beaten down consumer durables still weak; Bajaj Electricals may buck trend

Voltas, Havells, Blue Star and Whirlpool need to conquer their crucial hurdles to exhibit bullishness.

Shares of consumer durable have been badly hit in the recent bloodbath on the Dalal Street. While the benchmark indices, BSE Sensex and Nifty 50, have tumbled close to 18 per cent, shares of Whirlpool of India has plunged 42 per cent. Bajaj Electricals and Voltas cracked 30 per cent each from their respective highs.

Other consumer durables like Blue Star, which recorded a historic peak in April 2022 has slumped 27 per cent. Havells India too, has shed 25 per cent from its all-time high. 

Within this group, except Whirlpool of India, which had soared 60 per cent, shares of Voltas, Blue Star, Havells India and Bajaj Electricals had jumped 3-fold in the 2020-21 bull-run. 

Here’s a technical outlook on consumer durable goods stocks for the upcoming sessions:- 

Voltas Ltd (VOLTAS) 

Outlook: Death cross neckline at Rs 900

Death Cross formation can be easily seen on the daily chart. A breakdown below Rs 900 might see this stock fall into a bear grip. The current trend seems sideways and one can expect a respite if Rs 900 is well protected. CLICK HERE FOR THE CHART

Bajaj Electricals Ltd (BAJAJELEC) 

Likely target: Rs 1,130

Upside potential: 10%

Bajaj Electricals broke out of the “Double Bottom” formation and points at a rally towards the Rs 1,130-level, its 200-day moving average (DMA). The support for the stock is seen at Rs 950 level, according to the daily chart. The current trend looks bullish, with price action showing positive stance. CLICK HERE FOR THE CHART

Blue Star Ltd (BLUESTARCO) 

Outlook: 200-DMA stays as resistance

The stock is continuously experiencing sell-off close to the 200-DMA level of Rs 996. Thus, until this hurdle does not get conquered, the counter could see weakness. The next support comes near its recent reversal mark at Rs 836. CLICK HERE FOR THE CHART

Whirlpool of India Ltd (WHIRLPOOL) 

Outlook: Simultaneous hurdle on upside

Whirlpool Of India has simultaneous obstacles at Rs 1,725 and 1,950 levels. The trend is sluggish and the stock needs to shows sustainability over Rs 1,500-mark to see some positivity. The price action is not showing any sparkling signs as of now and any surge in volume could highlight the next move.  CLICK HERE FOR THE CHART

Havells Ltd (HAVELLS) 

Outlook: support of 100-WMA

Shares of Havells are presently hovering near the support of Rs 1,081, which is its 100-weekly moving average (WMA). The overall structure represents a formation of “Inverse Head and Shoulder” and only a drop below Rs 950 could see stock losing further ground.  CLICK HERE FOR THE CHART