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Buy This Undervalued Maharatna Stock That Trades Close To Its Breakout Level For 25% Upside In The Near Term
The market momentum in trade today has improved with Nifty again above 17,000 levels at 17074 points last in trade. So, while there is viewed still consolidation, there is one pack that has been booming and it is in fact the large PSU index that has registered sharp gains.
So, amid such a momentum here is one power related stock -Coal India that has been 5hitting fresh 52-week high even in bearish market conditions.
Coal India stock price fundamentals and technicals
The PSU stock is trading at a PE ratio of 8 and has also a good dividend yield of over 8%. The stock in trade on April 20 has hit its 52-week high. Earlier also in session on the previous day, it zoomed and closed higher even in an otherwise weak market, wherein fag end selling took over.
Technically, the company is trading near its breakout of Rs. 204 and if it breaches this level as has been the case today with its 52-week high of Rs. 205.55, there is viewed that the stock can give sharp upside to up to levels of Rs. 250 per share in the near term, implying gains of up to 25% from the last traded price of Rs. 199.9 per share.
The support level for the scrip is Rs. 185.
Stock price trajectory
The stock's in a year's time has clocked over 61% returns and its lifetime low and high are Rs. 109.55 and Rs. 447.10 per share.
Fundamentals working for Coal India
Apart from the healthy coal production and the company's sound financial with net profit for the December ended quarter of Fy22 of Rs. 5644.83 crore, the company has been in focus because of the power crisis in the country. Further the PSU is a debt free concern i.e. highly undervalued and can be a buy if it sustains levels above the breakout.
Conclusion:
Apart from the technicals, lately, Sharekhan also signalled a buy on the stock for a target price of Rs. 225. So as the power crisis in the country shall rule for time to come, Coal India stock is highly likely to gain traction as seen in the current times.
