Dixon Technologies shares may rise 15% in medium term, says Vaishali Parekh of Prabhudas Lilladher
1 min read . Updated: 21 Feb 2023, 02:03 PM IST
Premium- Dixon share price may go up to ₹3,120 apiece levels once it breaches ₹2,770 levels, believes Vaishali Parekh of Prabhudas Lilladher
Dixon Technologies shares have remained under downtrend since November 2022. From November to till date, Dixon share price has corrected from life-time high of ₹4,690 apiece to ₹2,720 per share levels on NSE, retracing more than 40 per cent from its highs. However, the stock has given some upside movement in recent sessions that has attracted attention of stock market experts and market observers.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Dixon share price has bottomed out at ₹2,600 levels and it all set for strong upside movement. Vaishali Parekh recommended positional investors to buy Dixon Technologies shares at current market price of around ₹2,720 for medium term target of ₹3,120 per share. Prabhudas Lilladher said that the stock has strong support base at ₹2,600 whereas it is facing hurdle at ₹2,770. However, she said that that the stock may become highly bullish once it crosses ₹2,770 per share hurdle.
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Giving 'buy' tag to Dixon Technologies shares, Vaishali Parekh of Prabhudas Lilladher said, "The stock has witnessed a decent steep correction to bottom out near the ₹2,600 zone with consolidation happening and also taking support near the long term trendline zone with risk reward factor much favourable for a positional investment. A decisive move past ₹2,770 would further improve the trend and trigger for fresh upward move."
Prabhudas Lilladher expert went on to add that the RSI is highly in the oversold zone with gradual improvement witnessed and has immense upside potential from here on. "We recommend a buy in this stock for an upside target of ₹3,120 keeping a support level of ₹2,600," Vaishali Parekh said.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.