Key Stocks to Watch: Tata Technologies, Blue Star, and Suzlon Set for Big Moves on Wednesday

The Indian market saw its biggest single-day drop in over four years on Tuesday, with election results differing significantly from exit polls and market expectations. The S&P BSE Sensex dropped over 4,000 points, and the Nifty50 fell below 22,000. Midcap and smallcap indices experienced their largest-ever falls, while the Nifty Bank was down nearly 8%. Some buying was seen in the FMCG sector, but public sector, infrastructure, and CPSE indices fell by over 15%.

On Tuesday, Tata Technologies hit a new 52-week low, while Blue Star and Suzlon hit new 52-week highs but then pulled back. Here’s a look at how to trade these stocks on Wednesday, according to Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd:

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Tata Technologies Share Price Target

• Trend: Downward, forming lower-lows and lower-highs.
• Resistance: ₹1,150. A move above this could see it rise to ₹1,200+.
• Support: ₹950 is a key level.
• Advice: Avoid buying now. Consider buying only if it goes above ₹1,150.
• Stop Loss: ₹950.

Blue Star Share Price Target

• Trend: Strong bullish setup with a rising channel pattern.
• Resistance: ₹1,700. A move above this could see it rise to ₹1,900+.
• Support: ₹1,350.
• Advice: The stock is in a good position, trading above key moving averages with strong momentum indicators.
• Target: ₹1,900+.
• Stop Loss: ₹1,350.

Suzlon Share Price Target

• Trend: Breakout of a triangle formation and inverse head & shoulders pattern.
• Resistance: ₹52. A move above this could see it rise to ₹56.
• Support: ₹42, with moving averages providing a base.
• Advice: The stock looks promising but showed some profit booking from higher levels.
• Target: ₹56.
• Stop Loss: ₹42.

This simple guide helps traders navigate these stocks during a volatile market.