Multibagger infra stock rose 342% in three years; can it hit three-digit mark?
Multibagger infra stock rose 342% in three years; can it hit three-digit mark?
Shares of Patel Engineering Ltd have risen 342% in the last three years. The multibagger stock , which ended at Rs 12.45 on May 7, 2021 was trading at Rs 55 mark in the current session on BSE. The civil construction firm’s stock climbed 1.68% to Rs 55.99 on Friday against the previous close of Rs 55.06 on BSE. Market cap of Patel Engineering climbed to Rs 4,660 crore in the afternoon session today. Total 6.55% shares of the firm changed hands amounting to turnover of Rs 3.61 crore on BSE.
In comparison, the benchmark BSE small cap index has rallied 101% in the last one year.
Patel Engineering stock has gained 122% in a year but lost 15% since the beginning of this year. The share fell to a 52-week low of Rs 24.15 on May 12, 2023 and rose to a 52 week high of Rs 79 on February 6, 2024.
Progressive Shares has a price target of Rs 99 on the Patel Engineering stock.
“The stock is in the primary uptrend and at present, it is forming a major Rounding Bottom formation where the level of Rs79 will be considered as a breakout point. At the same time, the stock is also forming another pattern known as a Symmetrical Triangle Formation where Rs 64 is a breakout point. Post the breakout from a triangle formation, one can expect a target of Rs 99.”
Abhijeet from Tips2trades said, “Patel Engineering stock price is bearish on the Daily charts with strong resistance at Rs 59.75. A daily close below the support of Rs 52.95 could lead to a fall till Rs 48 in the near term.”
The stock is neither oversold nor overbought on technical charts with its relative strength index (RSI) at 38.3. It had a very high volatility of 1.3 in a year.
Patel Engineering shares are trading lower than 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
Patel Engineering is engaged in civil engineering and construction of hydro projects, dams, tunnels, roads, railways. It is also involved in real estate activities with owned or leased property.
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