Stocks to avoid in this falling market

Stocks to avoid in this falling market

by 5paisa Research Team Last Updated: 2022-06-20T18:29:02+05:30

Nifty 50 has corrected almost 18.39% from its all-time high and is still declining. Therefore, in such a bearish market we have identified stocks that should be avoided. Read on to find out more.

Nifty 50 has corrected around 18.39 per cent from its all-time high of 18,604.45 made on October 19, 2021. Moreover, it is quite near to satisfying the definition of a bear market.

It is often believed that any fall in the market above 20% from its all-time high is deemed to be a bear market. Moreover, various studies show that it takes on an average 8 months to bottom.

However, there are periods such as March 2020, where the bear market was short-lived. This phenomenon is generally found there is only price correction. But in most bear markets, price correction is accompanied by time correction.

This is also evident in the present market. There are various global as well as domestic economic factors that are dragging the markets lower. This is quite evident, as we have witnessed consistent selling pressure from the Foreign Institutional Investors (FII).

Having said that, Nifty 50 would have solid support near 15,000 to 15,050 levels, breaching of which would take markets towards 14,300 levels. Northwards, the levels of 15,700 to 15,850 would act as resistance.

Below is the list of stocks that should be avoided in the present market condition. 

Stock Name 

Current Market Price (Rs) 

Change (%) 

Volume 

Gujarat Narmada Valley Fertilizers and Chemicals Ltd

554.4 

-8.7 

18,61,227 

Angel One Ltd. 

1,123.5 

-6.0 

6,20,764 

Gujarat Alkalies and Chemicals Ltd. 

679.4 

-5.4 

1,82,366 

Tata Steel Ltd. 

861.8 

-5.0 

60,89,418 

Graphite India Ltd. 

362.9 

-4.2 

1,58,416 

K.P.R. Mill Ltd

530.0 

-4.1 

2,24,008 

Reliance Industrial Infrastructure Ltd

813.7 

-4.1 

3,81,180 

Just Dial Ltd

535.0 

-4.1 

1,21,958 

Tata Chemicals Ltd. 

808.9 

-3.5 

5,38,338 

 


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