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Technical pick by Anand Rathi: Patel Engineering shares are one of the beaten down stocks in 2022. The engineering stock has slipped from ₹31.60 to ₹21.85 apiece levels in year-to-date (YTD) time, shedding around 30 per cent in this time. However, Anand Rathi stock research team believes that the stock is out of its base building mode and it is now ready to give strong upside. Anand Rathi research report has given ‘buy’ tag to the small-cap stock with near term target of ₹24.50 apiece. As Patel Engineering share price today is ₹21.85 per share, the brokerage is expecting around 12 per cent upside in the scrip.
The brokerage said that the small-cap engineering stock has bounced back from its recent lows of ₹20.75 apiece levels, which has remained a strong demand zone for the scrip.
Highlighting the reason for being bullish on this small-cap engineering stock, Anand Rathi report said, “The stock PATELENG recently turned from 20.75 mark which is a kind of demand zone since quiet some time. The stock has recently confirmed a higher top and now there is possibility of higher low.”
On its advice to the stock market investors in regard to Patel Engineering shares, Anand Rathi’s technical report said, “The stock has retraced 61.8 per cent of the previous move and right now risk reward looks great for going long. Thus we advise traders to buy it in the range of ₹22 to ₹21.50 with a strict stop of ₹20.75.”
Asked about the target around which one can book profit in the scrip, Anand Rathi technical report said that one can take position in the scrip for near term target of ₹24.50 apiece.”
Shares of Patel Engineering Ltd are available for trade on both BSE and NSE. In around 35 minutes of stock market’s opening bell today, the trade volume of the stock on NSE is around 49,500. Patel Engineering’s current market cap is ₹1,132 crore it is standing at a PE multiple of 10.21. The Earnings Per Share (EPS) of the small-cap engineering stock is 2.15 and tis YoY return is more than 155 per cent. Its 52-week high on NSE is ₹34.95 whereas its 52-week low is ₹19.35 apiece.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)
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