These stocks are flashing bearish signals on the tech charts and can dip up to 15% from here

1. CEAT Limited

Likely target: Rs 1,208

Downside potential: 12%

After a sharp rally of over 70 percent from Rs 1,020 to the highest level of Rs 1,763 in February, the stock has been witnessing weakness. Charts indicate that unless the stock fills the gap down the resistance of Rs 1,540 levels, the upside bias will face selling pressure.

2. Dr. Reddy's Laboratories Limited

Likely target: Rs 4,200 and Rs 4,000

Downside potential: 10% and 15%

After touching the sentimental level of Rs 5,600, the stock failed to witness follow-up buying and breached significant support of 200-days moving average (DMA) decisively, which was placed at Rs 5,000 levels. The sentiment has turned negative, with the stock set to drift towards Rs 4,200 and Rs 4,000 levels, as the per weekly and daily timeframe.

3. HDFC Life Insurance Company Limited

Likely target: Rs 600 and Rs 575

Downside potential: 10% and 15%

The stock is failing to decisively breach the Rs 725 mark that has now become a hurdle for the stock on the weekly time frame. This weakness has led to a breach of 200-DMA, indicating a negative bias. Going forward, unless the counter defeats the resistance of 50-DMA and 100-DMA around Rs 685 levels, the downside below 200-DMA may see the stock hurling towards Rs 600 and Rs 575 levels.

4. L&T Finance Holdings Limited

Likely target: Rs 70 (after breaching Rs 84 mark)

Downside potential: 16%

After rising over 100 percent, the L&T Finance Holding is witnessing resistance at 200-WMA, placed at Rs 117 levels. If the stock breaks the neckline (support), the downside sentiment may enter a bearish outlook and the scrip may drift towards Rs 70 levels, as per the weekly chart.

5. Petronet LNG Limited

Likely target: Rs 190 and Rs 175

Downside potential: 14% and 15%

A “Symmetrical Triangle” breakout may force the counter towards the lower levels of Rs 190 and Rs 175, as per the weekly chart. The higher side is constantly facing resistances at Rs 238 and Rs 255 levels.In such a scenario, the bullish market participants should prefer to stay on the sidelines and carefully watch the price momentum.