Look for target of Rs 70 on Suzlon: Devang Visaria

In a chat with ET Now, Devang Visaria, Chief Strategist, devangvisaria.com, shares his views on the outlook of Suzlon Energy.

What's your call on Suzlon?

Suzlon, we had recommended long position last Friday and the reason being that on the monthly charts, you are seeing a piercing line candle formation. That is generally a reversal pattern and if you want to anticipate, this is the stock where possibly you can look for targets of Rs 70. Even from these levels as a percentage move for traders, that might be a good idea to trade long. Also in today's trades, you are seeing very strong volumes and the stock has also gone past key medium-term moving averages. So, the momentum will definitely be on the upside. Again, the fact is that a huge amount of market participants continue to be short on this stock. So, short covering itself will be a big impetus to the up move.