Even the shares of Prince Pipes & Fittings Ltd have given multibagger returns With the stock rising over 186% this year so far in 2021 (Year-to-date or YTD), domestic brokerage and research firm HDFC Securities expects the stock to move ahead with a time horizon of up to three months.
The brokerage said in a note that the share price of Prince Pipes & Fittings Ltd has been rising steadily over the past few weeks, as per the weekly time frame chart and the stock price is attempting to move above the larger consolidation band.
“Therefore, a perpetual move above this multi-month barrier could be considered a decisive upside breakout of the stock trend and could have a sharp positive effect on the stock price,” it said.
HDFC Securities has a buy rating on Multibagger stock as part of its e-margin positional pick with a target price of Rs. ₹890 (time horizon of up to three months) and a stop loss of ₹735 per share. The brokerage has also recommended adding dips on ₹753 each.
Prince Pipes is one of the largest PVC Pipe Manufacturers and Multi Polymer Processor based in Mumbai, Maharashtra. The brand caters to the needs of a wide range of sectors including agriculture, plumbing, borewell and sewage, with a wide range of underground drainage solutions.
“Weekly 14 period RSI (Relative Strength Index) has settled above the level of 65 and weekly DMI/ADX indicates a positive pattern. Both these oscillators are indicating the possibility of further strengthening of the upward momentum in the share price,” the note highlighted.
The overall chart pattern of Prince Pipes is indicating a long trading opportunity. HDFC Securities said that a positional long may be considered at the levels mentioned above.
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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