Vaishali Parekh's technical pick, Garden Reach Builders may see 12% upside
Garden Reach Shipbuilders and Engineers share price on Tuesday ended with gains of 2.9%. The stock remains medium term technical pick of Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher.
Parkeh sees a 12% upside for the stock from current levels to a target price of ₹907. The stock has witnessed a decent consolidation phase near the important 50 EMA (Exponential Moving average) level of 765-770 zone and currently with a positive candle formation has come out of the rectangular box to improve the bias and anticipate for further rise in the coming days, said Parekh.
Also Read- Titan share price hits all-time high, market capitalization surpasses ₹3 lakh crore mark The RSI (Relative Strength Index) has indicated a trend reversal from the oversold zone and currently is well placed, indicating strength to carry on with the momentum still further ahead from current levels. With the chart looking good, we suggest buying and accumulating the stock for an upside target of 907 keeping the stop loss of 770.
Garden Reach Shipbuilders & Engineers, during Q2 had seen revenue rise 32% year-on-year. Its Current execution includes three P-17A frigates (first frigate at 60% completion in Q2FY24 versus 50% in Q1FY24, second at 51% versus 45%, and third at 40% versus 30%, suggests Elara Securities India Pvt Ltd data.
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