2 Breakdown Shares That Spoiled the Mood on Wednesday!

  • Stock Market Analysis
Aayush Khanna - Investing.com

The markets opened with a sharp gap down on Wednesday and continued to trade lower throughout the session. The Nifty 50 index ended 1.15% lower while Sensex saw a cut of 1.18%.

Here are 2 shares that were among many that played a spoiler in the Bulls party.

Coforge Limited

Coforge Limited (NS: COFO ) is an IT company with a market capitalization of INR 33,995 crore. The stock is clearly in a short-term uptrend, but the selling pressure from the higher levels is showing signs of profit-booking from investors. The stock fell 2.29% to INR 5,418 and breached its rising trendline support.

Daily chart of Coforge with volume bars at the bottom

Image Description: Daily chart of Coforge with volume bars at the bottom

Image Source: Investing.com

As the trend is weakening, the stock might slide further to INR 5,088 as it will then form a lower low and lower high formation. If the previous swing high of INR 5,630 is breached, then the uptrend will likely resume.

ICICI Prudential Life Insurance Company Limited

ICICI Prudential Life Insurance Company Ltd (NS: ICIR ) has a market capitalization of INR 86,751 crore and trades at an expensive valuation, with a TTM P/E ratio of 100.5. The stock took a hit of 2.4% to INR 588.2, closing near the bottom end of the day’s range which is a bearish signal.

Daily chart of ICICIPRULI with volume bars at the bottom

Image Description: Daily chart of ICICIPRULI with volume bars at the bottom

Image Source: Investing.com

After a one-sided rally in the past 4 sessions, investors might be taking some profit home and hence the likelihood of the stock to fall to INR 570 is high.

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  • Sailesh Kumar @Sailesh Kumar
    see the ashoka buildcon , I think it's converted into bullish mode
    Like 0
  • NIRAV JARIWALA @NIRAV JARIWALA
    21 SEP NIFTY 19500 CALL BUY 248 STOP LOSS 188 TARGET 310/320 INTRADAY
    Like 0
  • Ashish Chaudhari @Ashish Chaudhari
    coforge low hasn't broken yeh to say it as a breakdown I feel. that's the problem with the subjective analysis. noiseless charts are best as they provide a very objective outlook at things.
    Like 1
  • Krishan Kumar @Krishan Kumar
    u can say it about HDFC Bank & Reliance,why not this
    Like 7
  • Radhe Radhe @Radhe Radhe
    TOTAL HOPELESS HEADING... THERE ARE NSE FUTURE SHARES FOR MARKET.... YOU ARE NOT EXPERT BUT YOU ARE FITTER.... FOR SUCH A STOCKS SHOWS TO PUBLIK... BE HONEST
    Like 5
    • Radhe Radhe @Radhe Radhe
      TOO GOOD. THIS MAN ALWAYS WRITTING LIKE THIS FOR BUYING SIDE AND THET SHARES NEVER GOING UPSIDE
      Like 2
    • Vivek Purav @Vivek Purav
      Good one Sir This is first time I am reading negative reply . This simply means you are on right track. I firmly believe, when our thoughts are opposed we are on winning platform. I follow you and made lot of money. Keep it up.
      Like 0

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  • savi gaming @savi gaming
    Kl market kidar jayegi
    Like 0
    • Neera CHOURASIA @Neera CHOURASIA
      correction just started.
      Like 1
    • Karanbeer Singh @Karanbeer Singh
      up
      Like 0
    • Vivek Purav @Vivek Purav
      bhagwan bhi nahi bata sakta. We just follow trend is friend.
      Like 0

      • Comment Guidelines

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  • Neera CHOURASIA @Neera CHOURASIA
    same should happen with Polycab , which has inflated from 2700 to 5300 in a year.
    Like 1
    • Harshil Mehta @Harshil Mehta
      Have you seen the results. I think you should go through it.
      Like 1

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  • Muhammed Ahmed @Muhammed Ahmed
    fine
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