Home / Markets / Stock Markets /  HDFC Securities gives 'buy' tag to this multibagger stock. Should you buy?
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In the last one and half years, especially after the outbreak of Covid-19 pandemic, a good number of shares have entered the list of multibagger stocks in Indian stock market. SKF India shares are one of the multibagger stocks in 2021. In year-to-date time i.e. in 2021, SKF India share price has surged from around 1730 to 4180 per share levels giving near 140 per cent return to its share holders. However, HDFC Securities still see upside in the multibagger stock giving 'buy' tag to the machine industry company stock. The brokerage sees stock to scale up to 4585 levels in next 3 months.

Expecting uptrend in the multibagger stock, HDFC Securities says, "The weekly time-frame chart of SKF India shares signal a sustained intermediate uptrend over the last many months. The stock price has moved up as per the positive sequence like higher tops and bottoms. After the formation of recent higher bottom amidst a consolidation at 3520 levels in early December 2021, the stock price has moved up."

Expecting fresh breakout in the stock, the brokerage says, "Presently, in an attempt to show upside breakout of the hurdle at 4160 to 4170 levels. A sustainable move above this area could have sharp positive impact on the stock price ahead. Weekly 14 periods RSI and weekly ADX/DMI shows positive indication. Hence one may expect further strengthening of upside momentum in the near term. The overall chart pattern of SKF India shares indicates long trading opportunity."

On its suggestion to the positional investors, HDFC Securities said that one can add the multibagger stock at current level and accumulate further if it falls around 3880 per share levels for 3 months target of 4585 levels. However, it strictly advised to maintain stop loss at 3790 levels.

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

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