Buy Havells India, target Rs 610: Nagaraj Shetti
ETMarkets.com|
Oct 16, 2017, 12.38 PM IST
Nagaraj Shetti of HDFC Securities has a buy call on Havells India with a target price of Rs 610.
The current market price of Havells India is Rs 542.15.
Time period given by the analyst is one month when Havells India price can reach defined target.
Nagaraj Shetti recommended to keep a stop loss at Rs 499.
In a report, the analyst says, "The stock price as per weekly timeframe has been moving in a larger sideways consolidation in the last many weeks. Recently, the stock price has witnessed a sharp upside bounce from the lows and showed upside breakout of the sideways range of around Rs 522 levels. This upside breakout of the larger consolidation is signaling a resumption of sharp upmove for near term. The volume rose during upside breakout and weekly momentum oscillator like 14 period RSI has moved up above 60 levels. Both of these indications are signaling valid upside breakout and one may expect continuation of sharp upmove for near term. One may look to buy Havells at CMP (541.10) and add more on dips around Rs 515 for the upside target of Rs 610 over the 3-4 weeks. Place a stoploss at Rs 499."
Havells India, incorporated in the year 1983, is a Large Cap company (having a market cap of Rs 33,758.02 Crore) operating in Electric Equipment sector.
The company's top management includes Dr.Adarsh Kishore, Mr.Ameet Kumar Gupta, Mr.Anil Rai Gupta, Mr.Jalaj Ashwin Dani, Mr.Puneet Bhatia, Mr.Rajesh Kumar Gupta, Mr.Surender Kumar Tuteja, Mr.Surjit Kumar Gupta, Mr.T V Mohandas Pai, Mr.Vellayan Subbiah, Mr.Vijay Kumar Chopra, Mrs.Pratima Ram.
Company has V R Bansal & Associates as its auditors.
As on 31-03-2017, the company has a total of 624,855,342 shares outstanding.
The current market price of Havells India is Rs 542.15.
Time period given by the analyst is one month when Havells India price can reach defined target.
Nagaraj Shetti recommended to keep a stop loss at Rs 499.
In a report, the analyst says, "The stock price as per weekly timeframe has been moving in a larger sideways consolidation in the last many weeks. Recently, the stock price has witnessed a sharp upside bounce from the lows and showed upside breakout of the sideways range of around Rs 522 levels. This upside breakout of the larger consolidation is signaling a resumption of sharp upmove for near term. The volume rose during upside breakout and weekly momentum oscillator like 14 period RSI has moved up above 60 levels. Both of these indications are signaling valid upside breakout and one may expect continuation of sharp upmove for near term. One may look to buy Havells at CMP (541.10) and add more on dips around Rs 515 for the upside target of Rs 610 over the 3-4 weeks. Place a stoploss at Rs 499."
Havells India, incorporated in the year 1983, is a Large Cap company (having a market cap of Rs 33,758.02 Crore) operating in Electric Equipment sector.
The company's top management includes Dr.Adarsh Kishore, Mr.Ameet Kumar Gupta, Mr.Anil Rai Gupta, Mr.Jalaj Ashwin Dani, Mr.Puneet Bhatia, Mr.Rajesh Kumar Gupta, Mr.Surender Kumar Tuteja, Mr.Surjit Kumar Gupta, Mr.T V Mohandas Pai, Mr.Vellayan Subbiah, Mr.Vijay Kumar Chopra, Mrs.Pratima Ram.
Company has V R Bansal & Associates as its auditors.
As on 31-03-2017, the company has a total of 624,855,342 shares outstanding.
