Technical Selection by Anand Rathi: Patel Engineering shares are one of the beaten stocks in 2022. Engineering has slipped from stock 31.60 to Year-to-date (YTD) level of 21.85, shedding about 30 percent in this time. However, Anand Rathi’s stock research team believes that the stock has moved out of its base building mode and is now poised to strengthen. Research report by Anand Rathi gives ‘buy’ tag to small-cap stocks with near-term target 24.50 per. As of today the share price of Patel Engineering is 21.85 per share, the brokerage expects the stock to rise by around 12 per cent.
Brokerage says small-cap engineering stock has bounced back from recent lows 20.75 level, which continues to be a strong demand zone for the stocks.
Highlighting the reasons for this small-cap engineering stock being bullish, Anand Rathi “Stock Pateleng recently turned 20.75 points which has been a quiet demand zone for some time now. The stock has confirmed the recent higher top and now has higher lows,” the report said.
on its advice Share Market Investors, Anand Rathi’s technical report with regards to Patel Engineering shares, said, “The stock has outperformed 61.8 per cent of the previous move and right now the risk reward looks great for the long run. Thus we Recommend traders to buy it in the range. 22 to 21.50. with a strict prohibition of 20.75.”
When asked about the target around which one can book profit in the stock, Anand Rathi’s technical report states that one can take a position in the scrip for near term target. 24.50 each.”
Patel Engineering Limited shares are available for trading on both BSE and NSE. Today, in about 35 minutes of the opening of the stock market, the stock is traded around 49,500 on NSE. The current market cap of Patel Engineering is 1,132 crores It stands at a PE multiplier of 10.21. The small-cap engineering stock has an earnings per share (EPS) of 2.15 and an annualized return of over 155 percent. Its 52 week high on NSE 34.95 while its 52-week low is . Is 19.35 each.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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