This multibagger stock could rally more in 3 months as HDFC Securities sees upside
Premium- The brokerage firm sees further upside on the multibagger stock with a time horizon of up to three months
Among the multibagger stocks of 2021 is Linde India shares that have surged nearly 170% this year (year-to-date or YTD) so far. From ₹858 per share level in November 2020, the multibagger stock has skyrocketed more than 205% in a year's period to hovering over ₹2,620 apiece currently.
Brokerage and research firm HDFC Securities sees further upside on Linde India stock with a time horizon of up to three months. Linde India Ltd is a leading supplier of gases and related products and services in India.
“Linde India stock price is in strong uptrend on major time frame. After making a life high on 23th September 2021, it started correcting and halted near 2258 levels which also coincide with bullish trend line," the brokerage said in a note.
HDFC Securities Buy rating on Linde India shares comes with a target price of ₹2,841 per share and stop loss of ₹2,360 with up to three months time horizon.
Trendline breakout has taken place on daily chart suggest the uptrend could continue as the stock recently has broken out from tight range of consolidation with volumes, HDFC Securities added. The shares of Linde India also took multiple support of bullish trend line and resumed its upward momentum along with huge volumes.
“+DMI (directional movement index) & ADX (average directional movement index) is well placed above 25 level is observed on the weekly chart which indicates that bulls are in control. Primary trend of the stock has been bullish as stock has been forming higher tops and higher bottoms on the weekly charts. Stock is placed above medium to long term moving averages, indicating bullish trend on all time frames," the brokerage note pointed.
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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