Wait for Punj Lloyd to touch Rs 100 to buy: Kunal Saraogi

In a chat with ET Now, Kunal Saraogi, technical analyst, www.equityrush.com, talks about the outlook of Punj Lloyd and Suzlon.

What is your view on Punj Lloyd after the 11% downtick that we have seen and also on Suzlon after the 6.5% cut today?

Punj Lloyd has broken very major technical levels. There was a support around Rs 135 that has gone today. The next level on Punj Lloyd is around Rs 102, that is where the stock is headed. The stock continues to be in a very bearish downtrend. There is no reason to actually look to value buy here or try and catch a falling knife. I would urge investors to stay away from Punj Lloyd, wait for it to come down and probably buy into the stock close to Rs 100.

Suzlon has actually gone down today and has broken a level of about Rs 57 which was the support. So, investors need to wait on see whether it closes below that level today or not. If it closes below the level, they should unbind their long positions here.