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One verdict.
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Reduce RAJESHEXPO.NS exposure by 25-30% immediately, locking in gains from the 52% rally off the March lows. Do not initiate new positions. Set a trailing stop based on the 50 SMA (currently ₹115): if the stock closes below ₹115 on above-average volume, exit a further 25-30%. Hold the remaining 40% through the Q1 FY26 results catalyst (expected around May 8), as a single quarter of sequential improvement could extend the rally toward ₹132. The structural margin decay (0.48% → 0.04% operating margin over three years) warrants caution, but the strong balance sheet (₹562/share book value) and gold's secular bull market provide a floor that justifies a partial, not complete, exit.

Reduce TMPV.NS exposure by 25-35% immediately, set a hard stop-loss at ₹330, and do not add new positions ahead of the May 14 earnings call. The remaining 65-75% position is a calculated hold through the binary catalyst, with the understanding that a margin disappointment could trigger the stop-loss. Re-evaluate the full thesis after Q1 results are released, requiring at least two consecutive quarters of improving operating margins above 8% before upgrading to a constructive stance.

Reduce TMCV.NS position by 15-20% on any strength toward ₹436-440 (50-day SMA resistance zone). Maintain a stop-loss at ₹405 on the core position. Do not add new exposure at current levels (~₹431). The asymmetric risk-reward favors trimming: structural valuation at 56x trailing P/E, 48% earnings dilution risk from the Iveco acquisition, and insider selling by Radhakishan Damani outweigh the tactical double-bottom recovery and BNP Paribas dip-buying. Re-evaluate after Iveco financing details emerge in Q1 FY27.

Reduce BELRISE.NS by 20% at current levels (~₹222-228), targeting a re-entry on a pullback to ₹190-200 range. Set a hard stop-loss at ₹198 (50-day SMA) to protect against the triple bearish divergence (MACD, RSI, Bollinger Band rejection). The remaining 80% position maintains exposure to the long-term defense thematic and deleveraging story, while the trim locks in gains from the 129% rally and creates dry powder for a better risk/reward entry. Time horizon: 3-6 months, reassess after next quarterly result for revenue re-acceleration above ₹2,500 Cr and positive free cash flow.

Maintain current SBIN.NS positions with no additions or reductions. New investors may initiate a small 25–30% partial position at current levels (~₹1,019), with a hard stop at ₹960, and scale in only on confirmed stabilization: add another 25% if the 200-day SMA (~₹972) holds on a two-day close, and a final 25% on a close above the 10-day EMA (~₹1,071). Existing holders hold 100% steady and wait for a Q1 FY27 catalyst or an RBI policy signal before committing fresh capital. The debate is evenly matched, the near-term momentum is decisively bearish, but the long-term franchise value (15% ROE, 0.52% Net NPA, P/E 11.6x) provides a floor that prohibits an outright sell.

Reduce existing WIPRO.NS positions by 25-40% over the next 1-2 weeks, targeting exits on bounces toward ₹201-205 (declining 50-day SMA). Set a stop-loss at ₹192 on any remaining long exposure. Do not initiate new positions. Re-evaluate after Q1 FY2027 results (July/August 2026) or if a confirmed break above the 200-day SMA (~₹231) occurs with volume.

Trim NTPC.NS position by 25-35% on strength toward ₹410-414 resistance. Do not initiate new longs. Maintain the hard stop at ₹385 (50-SMA). The heatwave-driven demand spike is a temporary weather catalyst, not a structural earnings shift, and the stock's extended valuation (22x TTM PE, 15.6% above 200-SMA) leaves limited upside with asymmetric downside risk. Revisit after Q1 FY2026 results to reassess if the earnings growth materializes.

Reduce SUNPHARMA.NS position by 15% (lower end of proposed range) at current levels around ₹1,830-1,850 to capture gains from the 14% post-Organon rally while maintaining 85% core exposure to the long-term thesis. Set a stop-loss at ₹1,735 (Bollinger Middle Band / VWMA level). If a pullback materializes to the ₹1,780-1,800 zone (near the 10 EMA), deploy freed capital as a re-entry. Do not initiate new full positions until post-deal clarity emerges, ideally in the ₹1,500-1,600 range. Time horizon: 3-6 months for the tactical trim, with the core position held for 12-24 months to capture Organon synergies.