Angel One, Zee, VIP Inds: Down over 20% in 2024; how should you trade here?

A total of 19 stocks have declined over 20% thus far in the calendar year 2024, even as the Sensex and Nifty have rallied up to 14%; here are the key levels to watch out on these 6 stocks.

The year 2024 has been fairly positive for the Indian stock market so far, with the benchmark NSE 50 index 50 gaining as much as 14.2 per cent, and the BSE Sensex up 12.3 per cent thus far.

Meanwhile, the broader - NSE 500 index has surged 20.6 per cent in the same period. Rail Vikas Nigam (RVNL) with a gain of over 214 per cent has been the major gainer so far. It is closely followed by Cochin Shipyard, up 206 per cent. That apart, Oil India, Godfrey Phillips and Oracle Financial Services Software (OFSS) have rallied 164 - 175 per cent each. Another 12 stocks too have more-than-doubled investors' wealth in the first eight months of this calendar year so far.

A total of 265 out of the NSE Nifty 500 index have outperformed the underlying index by gaining more than 20.6 per cent thus far; which also implies that the balance 235 stocks have underperformed the benchmark.

The major laggard so far has been Zee Entertainment down 49 per cent in 2024. Syrma SGS Technology has plunged 35 per cent, and Maharashtra Seamless has shed 30 per cent. Among others 16 stocks including the likes of Sun Pharma Advanced Research Company (SPARC), Angel One, Ujjivan Small Finance Bank, VIP Industries, Tata Elxsi and AU Small Finance Bank have dropped in the range of 20-25 per cent each.

Zee Entertainment

Current Price: Rs 138

Upside Potential: 5.8%

Support: Rs 130

Resistance: Rs 145

Zee Entertainment stock is yet to show signs of any meaningful recovery as it struggles below the key moving averages. At present, the stock is seen trading near its 20-DMA (Daily Moving Average), which stands at Rs 139. The stock can potentially test its 50-DMA at Rs 146 on the upside, with some resistance seen at Rs 145. CLICK HERE FOR THE CHART

The mood at the counter may revive only after the stock breaks and trades consistently above Rs 146; post which a rally towards the 200-DMA which now stands at Rs 182 cannot be ruled out. For now, support for the stock on the downside is seen at Rs 130.

Tata Elxsi

Current Price: Rs 6,955

Upside Potential: 7.3%

Support: Rs 6,880; Rs 6,730

Resistance: Rs 7,185

For the last five trading sessions, Tata Elxsi seems to be holding above its short-term moving average (20-DMA) which stands at Rs 6,880. The key momentum oscillators are favourable on the daily scale, and on the verge of turning positive on the weekly scale. CLICK HERE FOR THE CHART 

However, the stock faces crucial hurdle at Rs 7,185 in the form of its 100-WMA (Weekly Moving Average), a level the stock has failed to conquer since late April 2024. Above which, the next significant hurdle stands at Rs 7,460. The stock will need to clear these hurdles for the sentiment to revive. On the downside, if the stock slips below 20-DMA, it can re-test its recent lows around Rs 6,730 levels.

Angel One

Current Price: Rs 2,570

Upside Potential: 18.7%

Support: Rs 2,528; RS 2,500

Resistance: Rs 2,665; Rs 2,730

Angel One recently tested its 200-DMA and then has retracted. The 200-DMA stands at Rs 2,800; with near resistance seen at Rs 2,665 levels. On the other, the stock has cleared significant hurdles on its way up; hence the 100-DMA at Rs 2,528 and the 20-WMA at Rs 2,500 are likely to act as key support levels. CLICK HERE FOR THE CHART

For the uptrend to continue to the stock will need to trade consistently above Rs 2,730 levels. Following which, a rally towards Rs 3,050 levels seems likely.

Maharashtra Seamless

Current Price: Rs 648

Upside Potential: 9.7%

Support: Rs 629; Rs 611

Resistance: Rs 669

Maharashtra Seamless is seen trading above its short-term moving averages on the daily scale. Further, the stock has also given a breakout above its super trend line resistance. Hence, the stock is now likely to rally towards its 100-DMA, which stands at Rs 711; interim resistance for the stock can be expected around Rs 669. On the downside, support for the stock is seen at Rs 629 and Rs 611 for now. CLICK HERE FOR THE CHART 

VIP Industries

Current Price: Rs 458

Upside Potential: 13.3%

Support: Rs 454; Rs 437; Rs 432; Rs 416

Resistance: Rs 475; Rs 492

VIP Industries is seen testing support around its super trend line on the monthly scale at Rs 432; which also near about coincides with the 100-MMA (Monthly Moving Average) at Rs 416. CLICK HERE FOR THE CHART

Further, on the weekly scale, the RSI (Relative Strength Index) has shown a positive crossover; with Slow Stochastic and MACD (Moving Average Convergence-Divergence) on the verge of possibly turning positive. 

As such, the stock can potentially jump to Rs 519 levels, with interim resistance likely around Rs 475 and Rs 492. Support on the downside for the stock is seen at Rs 454 and Rs 437 levels.

Ujjivan SFB

Current Price: Rs 43.8

Upside Potential: 12.1%

Support: Rs 43.20; Rs 40.80

Resistance: Rs 45.50; Rs 47.10

Ujjivan SFB stock, at present, is seen testing resistance around its super trend line at Rs 44.60; break and sustained trade above the same can trigger a rally towards Rs 49.10. Interim resistance for the stock is seen at Rs 45.50 and Rs 47.10 levels.

In case, the stock fails to clear the hurdle, it can slip back towards the lower-end of the Bollinger Bands at Rs 40.80 levels; with near support seen at Rs 43.20. CLICK HERE FOR THE CHART