This renewable sector stock has jumped 20% this week! Do you own it?

This renewable sector stock has jumped 20% this week! Do you own it?

Indian Market
by 5paisa Research Team Last Updated: 2022-09-23T18:56:21+05:30

This midcap stock soared over 6% during the initial hours of Friday’s trading session!

The Indian indices traded volatile this week, thanks to the US Fed meet and the Russia-Ukraine war. Stock-specific action remains the key during these volatile times and some stocks have seen strong buying interest in the past 5 trading sessions. The stock of Sterling & Wilson Renewable Energy Ltd has seen a strong jump of over 20% this week amid strong buying interest from the traders at lower levels.

On Friday, the stock jumped over 6% in the first hour and currently trades around Rs 345 level on NSE. After correcting over 45% from its 52-week high level of Rs 509 level, the stock has formed a base in the zone of Rs 280-Rs 300 and has shot up with massive volume. The volumes have been above average lately and greater than the 50-day average volume, which indicates strong buying momentum. Also, it is above all its key moving averages and depicts a positive price structure.

All the technical oscillators are in an uptrend, thus demonstrating the bullishness of the stock. The 14-period daily RSI (73.72) is in the super bullish territory, while the trend indicator ADX (26.95) shows strong trend strength. The MACD had indicated a bullish crossover a few days back. Meanwhile, the OBV is on a rise and demonstrates strong strength from the volume’s perspective. Also, the Elder Impulse system has charted consecutive bullish bars. The TSI and KST indicators are strongly bullish. Overall, the stock is expected to trade higher in the medium term.

The DIIs have increased their stake in this stock over the past three quarters. The company works in a strongly growing sector which has strong potential in the future. Recently the company bagged large orders from major companies. Overall, the prospects are positive, and one can consider accumulating it in dips.

Sterling and Wilson Solar are an end-to-end solar engineering, procurement and construction (EPC) solutions provider for hybrid energy, energy storage, and waste-to-energy solutions.


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