Laggards of 2023 scripting a rebound in 2024; Can the trend continue?

Borosil Renewable and EaseMyTrip can potentially rally up to 18% from present levels, while Adani Green and Epigral may consolidate, suggests technical charts.

Even as the Nifty 500 index had ended the calendar year 2023 with a substantial gain of 20.6 per cent, as many as 172 index constituents underperformed the underlying index, with 66 finishing the year on a negative note. A total of 15 stocks ended with losses in the range of 20 -73 per cent.

A refreshed look at the data, on the basis of YTD (Year-Till-Date) performance reveals that few of these laggards have seen a change in fortune and are in the process of scripting a rebound for the year 2024. 

For instance, stocks like Adani Green, Epigral, Borosil Renewables and Easy Trip Planners had shed in the range of 13.5 - 23.5 per cent last year. However, these shares are now seen quoting with gains up to 25 per cent.

Will these stocks be able to continue to bounce back or will the rally be curtailed? Here's what the charts suggest.

Borosil Renewables

Current Price: Rs 530

Upside Potential: 16.4%

Support: Rs 520; Rs 480

Resistance: Rs 580

With a rally of over 25 per cent so far in 2024, Borosil Reneweables has seen couple of key changes on the technical aspects. The short-term moving averages are seen holding above the medium-term average on both the daily and weekly charts, which augurs well for the stock.

However, given the lack of strength in key momentum oscillators, the stock is likely to exhibit some volatility even as the underlying tone remains favourable. As such, the overall bias for the stock is likely to remain positive as long as the stock sustains above Rs 480. Near support for the stock is seen around Rs 520.

On the upside, the stock can potentially rally to Rs 617, with interim resistance expected around Rs 580. CLICK HERE FOR THE CHART

Adani Green

Current Price: Rs 1,930

Downside Risk: 7.5%

Support: Rs 1,850

Resistance: Rs 2,000

Adani Green has gained 21 per cent so far this year. At present levels, the stock is seen testing support around its 20-DMA (Daily Moving Average) at Rs 1,925.

The stock seems to be facing some resistance around the Rs 2,000-mark. Given the signs of tiredness in key momentum oscillators the stock may look to consolidate in the near-term. As such, the stock may test its 50-DMA on the downside at Rs 1,785, with interim support seen at Rs 1,850. CLICK HERE FOR THE CHART

Epigral

Current Price: Rs 1,110

Downside Risk: 10%

Support: Rs 1,070

Resistance: Rs 1,152

After scaling a high of Rs 1,284 in late February, Epigral has witnessed a sharp downturn on the daily scale, and declined close to 14 per cent in the following days. In spite of the fall, the stock is still up 17 per cent in 2024 so far.

Technical chart suggests that the stock seems to be on its way to test its key support at Rs 1,070 levels. Break and close below the same, can trigger a slide towards Rs 1,000-mark. On the other hand, the stock needs to climb back above its 20-DMA, which stands at Rs 1,152 in order to reverse the intermediate downtrend. CLICK HERE FOR THE CHART

EasyMyTrip

Current Price: Rs 47.05

Upside Potential: 18%

Support: Rs 45.85

Resistance: Rs 49.35

EaseMyTrip (Easy Trip Planners) is seen consolidating post the sharp gains earlier this year. The stock is now seen trading close to its super trend line support at Rs 45.85. The bias for the stock is likely to remain positive as long as the stock holds above the same.

On the upside, the stock needs to break and trade consistently above Rs 49.35 in order to resume the uptrend. The stock can potentially rally up to Rs 55.50 in the near-term. CLICK HERE FOR THE CHART