ITC, Sun Pharma, Tata Steel: Strategies for FY22 Sensex winners and losers

Here are trading strategies for some of the best and worst stock performers in the S&P BSE Sensex pack thus far in fiscal 2021-22 (FY22)

Mahindra & Mahindra Ltd (M&M)
Likely target: Rs 650
Downside potential:  13%

The shares of Mahindra & Mahindra are struggling to conquer Rs 800 levels, and the inability to cross this mark decisively may result in a negative sentiment, as per the daily charts. The overall bullish trend has a breakout at Rs 850 levels. Only upon achieving this breakout, the stock may jump up to 10 per cent towards the Rs 900 and then Rs 940 levels. On the flip side, if the counter fails to regain momentum, it may then slide towards Rs 650 levels in the medium-term.  CLICK HERE FOR THE CHART
 
ITC Ltd (ITC)
Likely target: Rs 180 and Rs 160
Downside potential: 11% to 21%

As long as ITC shares holds the support of 50-weekly moving average (WMA), traders can expect some recovery. However, if the stock breaks Rs 203 (50-DMA), the weakness may aggravate and result in a bearish downside towards Rs 180 and then Rs 160 levels, which is nearly 20 per cent silde, according to the weekly chart. On the upside, ITC may surge towards Rs 240, which is its 200-DMA only upon conquering the immediate resistance of Rs 220 levels.  CLICK HERE FOR THE CHART
 
Sun Pharmaceutical Industries Ltd (SUNPHARMA)
Likely target: Rs 900 and Rs 970
Upside potential: 10% to 20%

The “Golden Cross” of 50-WMA and 200-WMA at the Rs 650 level has seen the stock gain considerable ground in the past few weeks. Now, as the 100-WMA converges with 200-WMA in the range of Rs 720 to Rs 700, Sun Pharma see a further upside towards the Rs 900 and then Rs 970 levels in the medium-term. This move can gain more conviction once the stock conquers the immediate resistance of Rs 800.  CLICK HERE FOR THE CHART
 

Sensex Winners & Losers

Tech Mahindra Ltd (TECHM)
Likely target: Rs 1,550 and Rs 1,600
Upside potential:  8% to 11%

The stock has seen phenomenal spike of 30 per cent since June 2021 and continues to dominate the  intermittent selling pressure. The immediate support comes in at Rs 1,400 and then Rs 1,350 levels. The Relative Strength Index (RSI) is not seeing any major weakness, but is exhibiting a positive underneath strength. One can expect a rally towards Rs 1,550 and Rs 1,600 levels if the overall market stays bullish, according to the daily and weekly setup. CLICK HERE FOR THE CHART
 
 
TATA STEEL LTD (TATASTEEL)
Likely target: Rs 1,600 and Rs 1,700
Upside potential: 8% to 14%

The gap-down close in the range of Rs 1,488 – Rs 1,447 lately has dismantled the positive bias. However, until the counter manages to trade above the Rs 1,300 levels, the reversal may fill-up this breakdown range. If that happens, Tata Steel's stock may regain a positive momentum and continue to scale higher towards Rs 1,600 and Rs then 1,700, according to the daily chart.  CLICK HERE FOR THE CHART