Waaree Energies, Dixon Technologies & Kesoram Industries: Expert shares view

Market expert Raghvendra Singh on Monday said the benchmark Nifty50 is facing strong resistance in the 26,200–26,300 zone, while a solid demand area is visible around 25,850–25,900. "The market has been respecting this 300–400-point range amid sustained selling pressure in mid-cap and small-cap stocks," he told Business Today.

According to Singh, Nifty could stay range-bound for some time. However, he warned that if the index breaks below the 25,900 level on a weekly closing basis, it may slide towards the 25,300–25,400 zone. The market expert added that selling pressure in the broader market appears to be increasing, with foreign institutional investors (FIIs) continuing to build short positions.

On individual stocks, Singh advised caution on Waaree Energies Ltd, noting the stock has been moving lower gradually. He identified Rs 2,900 as a critical level and said a decisive weekly closing below this could push the stock towards Rs 2,700 or lower, recommending investors avoid the stock at present.

For Dixon Technologies (India) Ltd, Singh observed that the stock is forming a lower-top, lower-bottom structure. He believes the stock may only show a meaningful turnaround from Rs 12,700 and suggested investors wait.

Regarding Kesoram Industries Ltd, Singh said the stock has undergone multiple corporate actions and is currently trading near Rs 7–8. While a reversal pattern appears to be forming, he noted that corporate developments continue to influence the penny stock. He added that if liquidity improves and trading restrictions ease, the stock could be accumulated at current levels due to limited downside from these prices.

Meanwhile, Indian equity markets witnessed a sharp sell-off as persistent foreign fund outflows and a weakening rupee weighed on sentiment. The 30-share BSE Sensex pack declined 610 points or 0.71 per cent to close at 85,103, while the broader NSE Nifty index slipped 226 points or 0.86 per cent to 25,961.