Big Movers on D-Street: What should investors do with Suzlon Energy, Torrent Pharma and Sona BLW?

Among the sectors, auto gained 0.15%, FMCG was up 0.23%, IT was flat, while bank, metals, and financials dragged.

Stocks that were in focus include names like Suzlon Energy, which gained 10%, Torrent Pharma, which was up 6.15% and ONGC, whose shares fell nearly 6% on Wednesday.

Here’s what Rohan Shah, Head-Technical Analyst at Stoxbox, recommends investors should do with these stocks when the market resumes trading today:

Torrent Pharma — Buy
The stock has been trading in an ascending channel since August 2020. This week, it has managed to break after trading in a narrow range for the last 3 weeks.

Volumes have also picked up very well, which confirms strong interest from buyers. Hence, we believe, a sustained move above the said pattern will give further upward momentum. The stock has strong support around Rs 1800–1760 zone and on the upside it can touch Rs 1900 and 1960 as the derivatives data suggests.

Suzlon Energy — Buy above Rs 11.5
The stock has recently seen a rise of around more than 52%, rallying from Rs 7.5 to Rs 11.50. In this process, it has managed to surpass the multi-month supply zone of Rs 11-11.50, which denotes some positive signs for further rally.

Hence, we sense, the sustained move above Rs 11.50 would attract a further upward move towards Rs 13, followed by Rs 14.80 and Rs 17 levels. Failure to hold Rs 11 levels, shall attract profit booking, dragging prices lower till 10.30 and 10.

Sona BLW Precision — Buy
The price tanked 6% at open due to a large block deal executed on the counter. However, the price action saw modest buying in the last half hour of Wednesday’s trading session which bolstered the price action to close in green and within basing action.

The stock also recorded its highest volume generated in a day on Wednesday. It also showcases a stronger relative performance and we anticipate the stock to continue its upside to Rs 586 level. On the downside 503 will hold as crucial support.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)