1 Small Cap Stock To Buy For 32% Upside In 3 Months Based On Technical Analysis: HDFC Securities

The markets in trade on March 21, 2022 corrected with Nifty settling below 17,150 points led by bank, FMCG and auto pack. Meanwhile, HDFC Securities has given a 'Buy' call on the stock of GE Shipping for gains of 32% at the current market price of Rs. 340.40 per share. Note the given recommendation is based on the technicals of the stock. Typically the stock idea is based on the market movements by examining historical data, like price and volume. The brokerage's research experts analyze data & charts for trading signals and price patterns to identify investment opportunities.

Technical analysis of GE Shipping as per the brokerage:

The stock has corrected from a high of 445 touched in June 2021.

The stock recently found support at the 265 levels in December 2021 and has strongly bounced back from these levels in the last few months.

Last week, the stock broke out of the 301-332 range on the back of healthy volumes,reversing the recent downtrend in the process.Weekly momentum readings like the 14-week RSI are picking up, which is encouraging."With the intermediate technical setup looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy", notes the brokerage. The brokerage has suggested to buy the scrip In the price range of Rs. 350-363 for a target price of Rs. 450 for a time horizon of 1-3 months.

 

About GE Shipping:

Great Eastern Shipping Co. Ltd. is engaged in shipping and offshore business. Its shipping business offers transportation services for crude oil, petroleum products, gas and dry bulk commodities. The offshore business services to the oil companies in carrying out offshore exploration and production activities.

Disclaimer:

The stock is taken from the brokerage report of HDFC Securities and investors should do their own analysis before making any risky investment.

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