Suzlon, Vishal Mega & E2E Networks: Should you enter these 3 stocks? What Kiran Jani says

Kiran Jani of Jainam Broking shared his views on select stocks such as Suzlon Energy Ltd, E2E Networks Ltd and recently-listed Vishal Mega Mart Ltd in an interaction with Business Today. All these three mentioned counters settled lower on Friday, falling up to 5 per cent. E2E Networks plunged 5 per cent while Suzlon and Vishal Mega slipped 3 per cent, each.

In response to a query on E2E Networks, Jani said, "The overall chart pattern is not looking good. Investors should exit when they get the opportunity. A drop below Rs 3,200 level can trigger a further downside. At present, it is definitely not an entry-level for traders as it seemed as an operator-driven type stock." E2E Networks shares tanked 5 per cent to hit its lower price band of Rs 3,313.65.

When asked about Suzlon, the market expert advised against fresh buying. "Fresh buying is not advised at current levels. Those holding should keep a strict stop loss of Rs 50," he stated. Suzlon fell 3.34 per cent to finish at Rs 52.56.

For Vishal Mega Mart shares, Jani said one should not enter the counter at the current market price. Buy only when it decisively crosses Rs 115 level, he added. Shares of Vishal Mega Mart moved 3.11 per cent down to Rs 102.65 level.

Meanwhile, Indian equity benchmarks ended in the red as pharma, healthcare, energy and automobile shares dragged. Broader markets (mid- and small-cap shares) also remained weak.

17 out of the 19 sectoral gauges -- compiled by the NSE -- ticked lower. Sub-indexes Nifty Pharma, Nifty Healthcare, Nifty Oil & Gas and Nifty Auto underperformed the NSE platform by falling as much as 2.11 per cent, 2.11 per cent, 2.14 per cent and 1.54    per cent. In contrast, Nifty FMCG and Nifty IT rose 0.52 per cent and 0.40 per cent, respectively.

On the stock-specific front, Dr Reddy's emerged as the top loser in the Nifty pack as the stock cracked 4.90 per cent to end at Rs 1,226.2. Trent, M&M, Adani Enterprises and BPCL fell up to 4.09 per cent.

In contrast, Hindustan Unilever Lt (HUL), Britannia, Eicher Motors, Grasim Industries and ICICI Bank were the top gainers on Nifty50.

The overall market breadth was negative as 3,001 shares declined while 955 declined on BSE. 103 stocks remained unchanged.