Chart Check: This smallcap stock doubled in 3 months; should you buy, sell or hold?
Prakash Industries Ltd, part of the iron & steel industry, has almost doubled in the last 3 months to hit a fresh 52-week high in September 2023 and the chart patterns suggest that the rally may not be over yet.
Medium-to-long-term investors can look to buy the stock for a possible target of Rs 268-338 in the next 2-4 quarters, suggest experts.
Prakash Industries, which is also part of the S&P BSE Smallcap index, rose from Rs 70.20 as of 26 June 2023 to Rs 139.30 recorded on 26 September 2023 which translates into an upside of 98% in just 3 months.
The momentum pushed the stock to a fresh 52-week high of Rs 142.75 as of 21 September 2023. Most of the technical indicators suggest further upside in the stock.
The smallcap stock picked up momentum after it broke out from a multi-year resistance placed at Rs 105 on 24 August 2023.
