Stocks to buy today: With Indian indices trading close to their lifetime highs, retail investors are busy finding stocks that are available at discounted prices. For such investors, Anand Rathi has the power pick INOX Wind shares. The stock of this wind power service provider has fallen from highs ₹140 to approx ₹105 per stock level – a drop of about 25 percent in a little over a one-month period.
Anticipating a trend reversal in this energy counter, Anand Rathi Research report says, “The previous weekly candle has seen an early sign of a downside reversal and even the formation of a base near the 61.80 Fibonacci retracement makes the same prediction. does.”
Inox Wind share price has corrected over 25 per cent from recent highs and is currently near 61.80 per cent of the Fibonacci retracement of the recent rally, said the brokerage report.
Anand Rathi believes that the stock has been placed above the Bollinger Bands average on the weekly chart, which confirms the overall bullish trend in the counter. The report advises stock investors to buy INOX Wind shares ₹from 105 ₹107 levels to target ₹120 Maintenance – The counter is expected to increase by about 13 per cent. However, the report suggests a strict stop loss ₹95% while taking a buy position in the counter.
In the period Q1FY2021-22, INOX Vince has managed to reduce its consolidated net loss on higher revenue generation. wind energy company ₹Consolidated net loss of 80.49 crores in the recently ended June 2021 quarter ₹110.32 crore consolidated net loss in June 2020 quarter. Its total income in the June 2021 quarter rose to ₹170.81 crores, which was at ₹11.90 crore in the same quarter last year.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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