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Business News/ Markets / Stock Markets/  Sterling and Wilson upper circuit: Shares hit upper circuit for 3rd straight day; is it still buy-worthy?

Sterling and Wilson upper circuit: Shares hit upper circuit for 3rd straight day; is it still buy-worthy?

Sterling and Wilson upper circuit: Sterling and Wilson share price hit its 5 per cent upper circuit for the third consecutive session on Tuesday, March 26. The stock has jumped about 75 per cent over the last year.

Sterling and Wilson upper circuit: Sterling and Wilson share price hit its 52-week high of 646.95 on February 8 this year and its 52-week low of 253.45 on October 19 last year.

Sterling and Wilson upper circuit: Sterling and Wilson share price hit its 5 per cent upper circuit for the third consecutive session on Tuesday, March 26. Sterling and Wilson share price opened at its 5 per cent upper circuit of 542.15 against its previous close of 516.35. Around 10 am, the stock traded 3 per cent higher at 531.85.

Sterling and Wilson Renewable Energy share price has been on an uptrend for the last three consecutive sessions amid reports of capital raising after a stake sale in its data centre business. However, the stock is still about 11 per cent down for the current month.

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The stock has jumped about 75 per cent over the last year. It hit its 52-week high of 646.95 on February 8 this year and its 52-week low of 253.45 on October 19 last year.

Still buy-worthy?

Milan Vaishnav, CMT, MSTA, Founder and Technical Analyst of Gemstone Equity Research and ChartWizard FZE observed that Sterling and Wilson Renewable Energy has been in a strong uptrend after it found its bottom in the 250-275 zone in November last year. The recent corrective move saw the stock slipping from the high of 645 to find support at 100-DMA (daily moving average) which is currently placed at 465.

Also Read: Small-cap surge leaves Street divided

Over the past couple of sessions, the stock has rebounded higher from that support. On the higher timeframe charts, the uptrend remains intact. The stock has improving relative strength against the broader markets.

"Investors can continue to stay invested in the stock with a stop loss of close below 465. For a fresh entry, it would be more risk-optimised if a fresh entry is made only after the stock crosses above 560. Some consolidation in a narrow zone is likely," said Vaishnav.

According to Jigar S. Patel, Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers, recently, Sterling and Wilson stock found support around 470 and showed signs of reversal, but in today's session, it closed the gap around 540.

Patel said moving forward, investors should exercise caution and wait for the stock to close above the 540 level before making any decisions.

"If it manages to close above this level, there is a potential for it to reach the 600 level. However, if it fails to close above 540, the stock may continue its downward trajectory towards the 500 level. Therefore, it is recommended to adopt a wait-and-watch approach until there is confirmation of a close above 540 before considering any further actions with regard to Sterling and Wilson," said Patel.

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Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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