HDFC Securities bullish on this multibagger infra stock, sees upside in 3 months
Premium- The infra stock is placed above all important moving averages, indicating bullish trend on all time frames, said HDFC Securities
HG Infra Engineering Ltd shares have broken out from downward sloping trend line on the daily chart and the stock price breakout is accompanied by jump in volumes, highlighted domestic brokerage and research house HDFC Securities.
Sharing as its technical positional stock pick, the brokerage house has maintained its buy rating on HG infra shares with a target prices of ₹701, 749, keeping a stop loss of ₹554 with time horizon of up to 3 months.
“The infra stock has surpassed the crucial resistance of previous swing high of ₹620. Meanwhile, daily RSI (relative strength index) has reached above benchmark level of 50, indicating rising momentum and daily MACD (moving average convergence divergence) indicator has reached above the equilibrium line," the note stated.
The stock is placed above all important moving averages, indicating bullish trend on all time frames, brokerage HDFC Securities added.
Shares of HG Infra have rallied more than 147% in a year's period whereas, in year-to-date (YTD) terms, the multibagger stock is up about 6% in 2022 so far.
HG Infra is a construction engineering company with primary focus on highways, roads and bridges. It is also involved in civil construction projects, like extension and grading of runways, railways and land development and has diversified into water pipeline projects as well.
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The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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