Big Movers on D-St: What should investors do with Suzlon, Indiabull Housing Finance and IIFL Finance?

Sectorally, selling pressure was seen in oil & gas, tech, energy, and banks while some buying was seen in the telecom space.

Stocks that were in focus included names like

which fell more than 3 per cent, which fell by over 4 per cent, and which rose by over 7 per cent on Friday.



Here’s what Viral Chheda, Technical Analyst, SAJ Finance & Securities recommends investors should do with these stocks when the market resumes trading today:


Suzlon: Buy
On the long-term charts, we can see from the low of Rs 1.70 in March 2020, that the price has given an upward move to make a three-year high of Rs 13.4 in January 2022. In this period, the price moved in a Higher Top Higher Bottom formation.

The stock is now witnessing some selling pressure and has retraced almost 52 per cent of the previous upward rally to make a low around Rs 7.4 in June 2022. Volumes were quite high during this period.
At a low of Rs 7.4 odd levels, the price has taken support of Upward moving Trend line and with relatively higher volume the price has given some pull back and closed above the 50-WMA of Rs 8.49 and we can see further upside from here.

The Stochastic Oscillator is also moving in an upward trend. As we can see Bullish chart formation at this level, we can see upside highs of Rs 11-13 odd levels.

Hence, we recommend buying at this level and further at dips of Rs 7.6 with a stop loss of Rs 5.5 on a closing basis for an upside target of Rs 11 and Rs 13 in the next 6-8 months.

Indiabulls Housing Finance: Buy
From lows of Rs 81 in March 2020, the price has rallied to make a 2-year high of Rs 313.7 in June 2021. Volumes were quite high during this period. At higher levels, we have witnessed bears to have an upper hand and there was a sharp correction as price made lows of Rs 105.7 odd levels.

Currently, the price is moving in a consolidation phase. We can see positive divergence at this level and once it moves above Rs 124 odd level, we can see further upside till Rs 183 in the next 8-12 months.

Hence, we recommend buying at this level and more on dips of Rs 100 with a stop loss of Rs 81 on a closing basis. Further upside is expected towards Rs 156 to Rs 183 odd levels.

IIFL Finance: Buy
On the weekly chart, we can see the price has moved in a range of Rs 67-100 odd levels from March 2020 to January 2021. Once it breached the range on the higher side, the price gave a sharp upside rally to make a 2-years high of Rs 346 in March 2021.

Volumes were high during this period. From March 2021, the price is moving in an upward parallel channel taking support at every higher low and facing resistance at every higher high.

After taking support at Rs 286 level in May 2022, the price has given some upside move and with higher volume, the price is continuing its upward move.

A close above the 20-WMA of Rs 319 level can push the stock to Rs 396-450 odd levels. The Stochastic Oscillator is also moving in an upward trend.

Hence, we recommend buying at this level and more at dips to Rs 318 with SL of Rs 280 on a closing basis and on the upside we can see levels of Rs 395-450 in the next 10-12 months.

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