Q4 Results Update : Trading Strategies for Suzlon, Bajaj Auto and Mazagon Dock
As Indian equity benchmarks extended losses for a second consecutive session on Wednesday, select result-bound stocks such as Bajaj Auto Ltd, Suzlon Energy Ltd, and Mazagon Dock Shipbuilders Ltd are drawing significant attention from traders ahead of their Q4 earnings announcements.
The BSE Sensex declined by 239.31 points (0.29%) to close at 81,312.32, while the NSE Nifty50 dropped 73.75 points (0.30%) to end the session at 24,752.45. Weak global cues and subdued activity from foreign institutional investors (FIIs) ahead of the expiry of May F&O contracts weighed on market sentiment. However, the onset of the monsoon remains a positive signal for the broader economy.
Ahead of Thursday's trading session, Laxmikant Shukla, Senior Technical Analyst at YES Securities, shared his outlook on these three high-interest stocks:
Bajaj Auto Ltd | Recommendation: Hold | Resistance: ₹9,000 | Support: ₹8,500
Bajaj Auto is facing resistance in the ₹9,000–₹9,100 zone, aligning with its recent swing high. A Doji candlestick pattern has formed on the weekly chart near this critical resistance level, suggesting market indecision.
"Support for the stock is strong at ₹8,500. As long as Bajaj Auto holds above this level, the positive bias remains intact. A decisive breakout above ₹9,000 could push the stock towards the ₹9,500 mark," Shukla said.
Suzlon Energy Ltd | Recommendation: Caution | Resistance: ₹68 | Support: ₹60
After a rapid rally from ₹51 to a peak of ₹68, Suzlon Energy has experienced profit booking at elevated levels, indicating potential for a short-term correction or cooldown.
"The emergence of a Shooting Star candlestick pattern suggests that the rally may be losing steam. While support has shifted slightly upward to ₹60, investors are advised to exercise caution. Despite the short-term volatility, the stock’s broader upward trend remains intact," noted Shukla.
Mazagon Dock Shipbuilders Ltd | Recommendation: Caution | Resistance: ₹3,800 | Support: ₹3,285
Mazagon Dock has surged from ₹2,776 to ₹3,733 in recent weeks, benefiting from momentum in the defense sector. However, such a sharp rally could lead to a temporary pullback or consolidation.
"Support has moved higher to around ₹3,285. Although the long-term trend is positive, the stock may undergo sideways movement in the short term. Investors should consider booking partial profits and use trailing stop-losses to safeguard gains," Shukla advised.
As Q4 earnings begin to unfold, traders and investors are advised to monitor technical levels closely and manage risk prudently, especially in high-volatility counters like Suzlon and Mazagon Dock.