Strategies for Shapoorji Pallonji Group stocks after Cyrus Mistry's death

Among individual listed stocks, Forbes & Company can rally up to 35 per cent; Eureka Forbes too looks good on charts.

Cyrus Mistry, the former chairman of Tata Group, and scion of the conglomerate Shapoorji Pallonji group died on Sunday, September 04, in a targic car accident. Shares of the multi-billionaire group with presence in construction, infrastructure, real estate, shipping, consumer goods and textiles were in focus in trades on Monday.

Here’s the technical outlook on listed Shapoorji Pallonji stock: -

Sterling And Wilson Solar Ltd (SWSOLAR)

Outlook: Hurdle at Rs 320

Post hitting a 52-week high of Rs 509.10 in October 2021, Sterling and Wilson Solar drifted southwards. The stocn even breached the 200-day moving average (DMA) and continued to lose ground further.  

While the present formation resembles sideways movement, which denotes consolidation, along with the Moving Average Convergence Divergence (MACD), which has crossed zero line upward, the stock price needs to take out Rs 320-mark, its major hurdle. Only then, the trend would signal a revival, shows the daily technical chart. The support at the lower range comes at Rs 270 level.  CLICK HERE FOR THE CHART

Eureka Forbes Ltd

Likely target: Rs 525 and Rs 535

Upside potential:  5% to 7%

The stock is gradually riding upward with the formation similar to “Higher High, Higher Low”, as per the daily chart. Thus, until the support of Rs 410, the key lower low is not negated; the positive bias shall see higher highs. The immediate support comes at Rs 465 and the underlying bullish tone could see Rs 525 and Rs 535. CLICK HERE FOR THE CHART

Forbes & Company Ltd

Likely target: Rs 1,000

Upside potential:  35%

Shares of Forbes & Company touched an all-time high of Rs 963.50 in August 2022. So far, the stock has surged 60 per cent in the current year, after soaring close to three times in 2021. 

Last month, the stock broke out of the hurdle of Rs 490 and entered next leg of upside. As long as the stock holds above Rs 490 mark, followed with the support of Rs 388, which is the 200-DMA, the medium-term uptrend continues to scale higher.  Immediate support for the stock exists at Rs 650 level and the chart patterns signals a rally towards Rs 1,000 mark.  CLICK HERE FOR THE CHART