Feb 16 2024, 09:45
Stock Radar: Multibagger in 6 months! The retail stock likely to hit 4,000 level:
REN LIMITED
The retail stock rallied from Rs 1,929 on August 14, 2023, to Rs 3,921 on February 14, 2024, which translates into an upside of 103% in just 6 months. It rose over 20% in the last 1 month and more than 50% in the last 3 months. Tracking the momentum, it hit a record high of Rs 3,950 on February 14.
The stock has been making higher highs for the past 12 months on the monthly charts. The momentum remains strong and investors holding the stock should stay put.
In terms of price action, the stock is trading well above most of the crucial short- and long-term moving averages such as 5,10,30,50,100 and 200-DMA on the daily charts, which is a positive sign for the bulls.
The daily Relative Strength Index (RSI) is at 77.5. RSI above 70 is considered overbought. This implies that the stock may show a pullback. The daily MACD is above its Center and Signal Line - a bullish indicator.
"Trent stock is preparing to come out of its range on the daily frame with good momentum building," said Shivangi Sarda, analyst, derivatives and technical research,
"Stock has been making higher highs from the last 12 months and buying can be seen along the upward-sloping channel with supports shifting higher," he said.
"The price volume surge in the previous week along with follow-up are showing strength to continue in the stock and extend it to higher zones," recommended Sarda.
"Traders can buy the stock for a target of Rs 4,000 in the next 1-2 weeks, and a stop loss can be placed below Rs 3,760 on a closing basis," she added.
source: et
Feb 17 2024, 08:34