Buy this multibagger stock up to 36% profit in 3 months: Sumeet Bagadia
Multibagger stocks: Amid the global economy reeling from the Covid-19 pandemic, the Indian stock market performed well in 2021. In the market rebound after the Covid liquidation, a fair number of stocks India entered multibagger stock list in 2021 Southern Petrochemical Industries Corp or SPIC stock is one such multibagger stock in India. Since the start of the year, this multi-bagging stock has grown from ??24h40 to ??51.60 levels per share, an increase of approximately 110% during this period. However, Sumeet Bagadia of Choice Broking estimates that there is still juice left in this stock and has received a call to buy on the stock for a 3 month target of up to ??68 levels.
What graph does the model suggest in regards to this multibagger stock? Sumeet Bagadia, Executive Director of Choice Broking, said: “On a monthly chart, this multibagger stock gave a breakout of the rounded bottom formation at ??level 35.40 and peaked at ??68.45 levels. But, it recorded profits from a higher level and bottomed out at ??Level 43.10, from here the stock has taken hold of the horizontal line and has shown some rebound movement. “
Summet Bagadia of Choice Broking said that on a weekly chart, the multibagger stock broke the Pennant Pattern, indicating a bullish movement in the meter. He added that on a daily chart the stock gave a downtrend line if broken, which indicates a northward trip in the meter.
“Additionally, the multibagger share price has also moved above the upper part of the Bollinger Band, suggesting that a bullish rally will continue in the near term. Additionally, the action has moved above the upper end of the Bollinger Band. traded above the 21 and 50 day moving averages (DMA) with a bullish cross, which shows a positive trend at the moment, ”said expert Choice Broking.
On his suggestion to positional investors regarding this multibagger stock, Sumit Bagadia of Choice Broking said, “The SPIC share price at around ??50 should be viewed as a buying opportunity for the bullish target of ??60 to ??68, while the support for this multibagger stock is placed at around ??45 or ??42 levels. Thus, a stop loss at the close at ??42 should be placed at lower levels. “
Warning: The opinions and recommendations expressed above are those of individual analysts or brokerage firms, not Mint.
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