BEML, Exide, Prestige: 5 mid-, small-cap stocks with over 15% downside risk

BEML, Exide Industries, HUDCO, Godrej Properties and Prestige Estates could fall up to 19 per cent from present levels, technical charts suggest.

On Tuesday, June 04, as the key benchmark indices tumbled around 6 per cent, the broader indices - the Nifty MidCap and SmallCap - took a sharper knock and were down up to 8 per cent amid the surprise election outcome sell-off.

Amid the sell-off several mid- and small-cap stocks tanked around 20 per cent, and select stocks have indicated a weaker bias going ahead.

Meanwhile, even as the broader indices have managed to recoup some of the losses this morning; here are five stocks that are likely to slide up to 19 per cent in the near-term owing to a weak set-up on the technical charts.

BEML

Current Price: Rs 3,838

Downside Risk: 15.3%

Supports: Rs 3,400

Resistances: Rs 4,070; Rs 4,550; Rs 4,600 

BEML stock broke below its 20-DMA (Daily Moving Average) support on June 04. Moreover, key momentum oscillators too have given a negative divergence on the daily and weekly scale. Hence, the stock is likely to trade with a negative bias. 

The 20-DMA at Rs 4,070 levels could act as an immediate pivot point for the stock. Having said that, the upside for the stock seems capped around Rs 4,550 - Rs 4,600 levels. Whereas, on the downside, sustained trade below the 20-DMA, fuels the risk of a likely fall towards Rs 3,400 - Rs 3,250 levels. CLICK HERE FOR THE CHART

Exide Industries

Current Price: Rs 463

Downside Risk: 19%

Supports: Rs 423

Resistances: Rs 475; Rs 495

Exide Industries came within striking distance of its 50-DMA at Rs 423, and then bounced back a wee bit on Tuesday. However, given the clear negative divergence on the key momentum oscillators the stock is expected to test lower levels in the near-term.

On the downside, the stock can slide to Rs 384 - Rs 375 levels, suggests the medium-term chart. On the upside, the stock is expected to face resistance around its 20-DMA at Rs 475 followed by Rs 495. CLICK HERE FOR THE CHART

HUDCO

Current Price: Rs 221

Downside Risk: 18.5%

Supports: Rs 199

Resistances: 247; Rs 275

HUDCO stock, at present, is seen testing support around the 50-DMA, which stands at Rs 220.50. The stock has already broken the 20-DMA support at Rs 247, and the same is expected to act as a resistance going ahead. Above which, the Rs 275 level is likely to act as a strong resistance. CLICK HERE FOR THE CHART

On the other hand, the 100-DMA at Rs 199 seems to be a near-term support for the stock. Break and sustained trade below the same, can trigger a fall towards Rs 180 levels.

Godrej Properties

Current Price: Rs 2,550

Downside Risk: 15.7%

Supports: Rs 2,476

Resistances: Rs 2,625; Rs 2,778; Rs 2,900

At present, Godrej Properties stock is seen nearing the 100-DMA support, which stands at Rs 2,476. The stock is already trading below the 20- and 50-DMAs, which stand at Rs 2,625 and Rs 2,778, respectively. The upside for the stock is likely to be capped around Rs 2,900 levels.

On the downside, break and sustained trade below the 100-DMA, can trigger a fall towards Rs 2,150 levels. CLICK HERE FOR THE CHART

Prestige Estates

Current Price: Rs 1,443

Downside Risk: 17.5%

Supports: Rs 1,300

Resistances: Rs 1,560; Rs 1,675

The key momentum oscillators are fairly bearish for the Prestige Estates stock, both on the daily and the weekly scale. On the downside, the stock has near support at Rs 1,300 (100-DMA), below which it is likely to fall to Rs 1,190 levels. CLICK HERE FOR THE CHART

In case of an up move, the stock is likely to face resistance around its 20-DMA at Rs 1,560, with upside likely to be capped around Rs 1,675.