Home / Markets / Stock Markets /  Anand Rathi sees 13% upside in this energy stock. Do you own?

Stocks to buy today: Amid Indian indices trading near to its lifetime highs, retail investors are busy finding out stocks that are available at discounted price. For such investors, Anand Rathi has power picked INOX Wind shares. This wind energy service provider company's stock has tumbled from the highs of 140 to around 105 per stock levels — shedding around 25 per cent in slightly higher than one month period.

Expecting trend reversal in this energy counter, Anand Rathi research report says, "Last weekly candle has witnessed the early sign of reversal from the fall and even the formation of base near the 61.80 Fibonacci retracement forecasts the same." 

The brokerage report went on to add that INOX Wind share price has corrected over 25 per cent from the recent swing high and is currently placed near the 61.80 per cent of the Fibonacci retracement of the recent rally.

Anand Rathi believes that the stock is comfortably placed above the mean of Bollinger band on weekly chart affirming the overall bullish stance in the counter. The report recommends stock investors to buy INOX Wind share at around 105 to 107 levels for the target of 120 maintaining — expecting around 13 per cent upside movement in the counter. However, the report suggests strict stop loss at 95 while taking buy position in the counter. 

In Q1FY2021-22 period, INOX Wins has managed to narrow down its consolidated net loss on higher revenue generation. The wind energy company has reported 80.49 crore consolidated net loss in recently ended June 2021 quarter against 110.32 crore consolidate net loss in June 2020 quarter. Its total income in June 2021 quarter rose to 170.81 crore, which was at 11.90 crore in the same quarter last year.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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