Sterling and Wilson upper circuit: Shares hit upper circuit for 3rd straight day; is it still buy-worthy?
₹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. Also Read: Jim Rogers bullish on India, advises investing in Indian equities to be rich 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.
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. Read all market-related news here Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We
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