TTML, Suzlon, Paytm: 5 stocks up over 15% in May. Is it time to sell them?

The bullish trend in TTML, Suzlon, Paytm, Mazagoan Dock Shipbuilders and Torrent Power continues to remain resilient, anticipating up to 30 per cent upside.

The stock market has passed a few sessions in the June series, with stellar performance from few stocks in Nifty 500 index. Shares of Tata Teleservices (Maharashtra) and Mazagoan Dock Shipbuilders take the top position by surging 29 per cent and 28 per cent, respectively.

Also, Torrent Power, Suzlon Energy and One 97 Communications have soared 23 per cent, 19 per cent and 17 per cent each so far in the current month. 

On Monday, Shares of Suzlon Energy gained 5 per cent, Mazagoan Dock Shipbuilders rose 2 per cent, while Tata Teleservices (Maharashtra) traded sideways.

Here’s the technical outlook of these Nifty 500 stocks:-

Mazagoan Dock Shipbuilders Ltd ( MAZDOCK)

Likely target: Rs 1,200

Upside potential: 15%

The stock took out the previous hurdle of Rs 936, with robust volume, with the chart structure that now denotes upside bias in the direction of Rs 1,200. The counter has entered the overbought territory of Relative Strength Index (RSI) and is decisively shielding any decline. 

The immediate support for the stock falls at Rs 950 and Rs 900 levels. A positive crossover of 50-day moving average (DMA) with 100-DMA illustrates the power of short-term bias over the selling pressure. CLICK HERE FOR THE CHART

Torrent Power Ltd (TORNTPOWER)

Likely target: Rs 800

Upside potential: 16%

The stock has resolutely conquered the hurdle range of Rs 600 to Rs 585, with strong volumes. This move anticipates further upside in the counter, contemplating a medium-term perspective. 

Henceforth, every decline shall aim at accumulating stance, with price expected to reach Rs 800 level. The support for the stock exists at Rs 625 and Rs 600 levels. The increase in volumes during breakout level reflects the positive interest of buyers.  CLICK HERE FOR THE CHART

Suzlon Energy Limited (SUZLON)

Likely target: Rs 18 to Rs 20

Upside potential: 30%

Shares of Suzlon Energy have a breakout of a “Golden Cross”, with price action stubbornly conquering the 100-monthly moving average (MMA). The price action is hinting a rally in the direction of Rs 18 to Rs 20 level. 

The support for the upward bias is placed at Rs 12, which requires to be considered on a closing basis. The price action is sturdy, and expects momentum to see an addition of long term positions. CLICK HERE FOR THE CHART

Tata Teleservices (Maharashtra) Limited (TTML)

Likely target: Rs 100

Upside potential: 25%

Shares of Tata Teleservices (Maharashtra) have a convincing support of the 200-weekly moving average (WMA) set at Rs 54.40, which it has been honouring since February of this year. 

The stock has provided a breakout over Rs 71, and the price action is hinting a rally to Rs 100 level. While there is a minor obstacle at Rs 84, its 200-DMA; the chart structure reveals underlying strength to swiftly overcome this barrier. CLICK HERE FOR THE CHART

One 97 Communications Ltd (PAYTM)

Likely target: Rs 925

Upside potential: 10%

The breakout of a “Golden Cross” has led to a tremendous rally, heading towards the key hurdle of Rs 845, the reversal mark of August 2022. The current rally has a support Rs 740, which needs to be observed on the closing basis. 

An aggressive close over Rs 845, could spell more upside in the direction of Rs 925 levels. The trend remains resilient and determined to scale Rs 845 level, as per the daily and weekly setup. The technical indicator, Moving Average Convergence Divergence (MACD) has stood firmly over the zero line, implying that momentum to continue with bulls. CLICK HERE FOR THE CHART