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You are at:Home»Business»Buy, Sell or Hold: What should investors do with Strides Pharma, Sun TV and Bajaj Holdings?
Business

Buy, Sell or Hold: What should investors do with Strides Pharma, Sun TV and Bajaj Holdings?

Paul EasterBy Paul EasterJune 20, 2022No Comments3 Mins Read
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Extending weakness for the sixth straight day, the benchmarks ended in the red amid negative global cues and volatility on Friday.  

The broader Nifty50 declined 0.4% to end near 15,300, while the Sensex dropped by over 100 points to settle near 51,400 even as the market witnessed some last-minute recovery. The domestic equity market ended with around 5.5% cut this week, the biggest weekly decline in more than two years.  

The broader Nifty50 ended lower by 5.6% and the 30-share Sensex settled with a 5.4% cut in the week ended June 17 as the market remained under pressure amid rate tightening by global central banks and relentless selling by FIIs 

Underperforming the benchmark indices, Nifty midcap and smallcap declined by nearly 1% and 0.7% respectively on Friday.  

Sectorally, Banking and Financial Services indices gained, while Oil & Gas, Pharma, Consumer Durables and IT took the maximum drubbings.  

Meanwhile, some stocks came in focus on Friday. These stocks were Sun TV, Strides Pharma and Bajaj Holdings & Investment. Strides Pharma gained nearly five per cent, Bajaj Holdings & Investment dropped over six per cent and Sun TV surged around six per cent.  

Here is what Amol Athawale, Deputy VP, Technical Research, kotak Securities Ltd, recommends investors should do with these stocks. 

Strides Pharma:  

Post sharp correction from the level of 388, eventually it took the support near 265 and reversed. currently stock is witnessing non directional activity near 50 and 20-day SMA (simple Moving Average) perhaps, traders are waiting for the either side breakout. For the bulls, 325 or 50-day SMA would be the important breakout level to watch. And if the stock manages to close above the same, we could expect a quick uptrend rally towards 350-360 On the flip side, trading below 295 may increase further weakness up to 285-280.  

Bajaj Holdings & Investment:  

In the last week, the stock corrected over 10 percent. Consistently trading below the level of 200-day SMA and on weekly charts, it has formed a long bearish candle which indicates further weakness from the current levels. In addition, it also formed a lower top formation, that also supports short-term weakness. For the traders now 4700 would act as a trend decider level. Below 4700, it could slip up to 4300. Further downside may also continue which could drag the stock up 4150. On the flip side, fresh pullback rally possible only after 4700. Above which it could rally up to 4920. 

Sun Tv: 

After a medium-term correction, on daily charts the stock has formed double bottom formation. Last Friday, post weak opening the stock took the support near 405 and bounced back sharply. It also formed a long bullish candle on daily charts which is broadly positive. For the positional traders now, 405-410 be the key level to watch if stock manages to trade above the same then we can expect uptrend continuation wave up to 450-465. 

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)





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