HDFC Securities sees upside on multibagger stock that has rallied 119% in 6 mths

Market


Shares of Lux Industries have multibagger return this year (year-to-date or YTD) so far with the stock surging over 170% in 2021. The multibagger stock has surged over 119% in six months’ period alone. Brokerage and research firm HDFC Securities sees further upside on the stock in three months.

The brokerage has a Buy rating on Lux Industries shares as part of its emargin positional stock pick. It has upside target prices of 4750, 5200 on the stock and a stop loss of 3,850 with a time horizon of up to three months.

As per HDFC Securities, Lux Industries stock price has broken out from the downward sloping trendline on the daily chart with higher volumes. The stock price has also broken out on the weekly chart as it crossed previous resistance of 4300 odd levels.

RSI (Relative strength index) and MFI (Money Flow Index) oscillator is placed above 60 and rising upwards, Indicating strength in the current uptrend, it highlighted in the note.

“Plus, DI is trading above -DI while ADX (average directional index) line is placed above 25, Indicating momentum in the current uptrend. Considering the Technical evidences discussed above, we recommend buying LUX for the upside targets of 4,750 and 5,200, keeping a stop-loss at 3,850,” HDFC Securities’ note stated.

Lux industries is an Indian innerwear company. The company’s offerings include various kinds of hosiery products for men, women and children.

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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