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Multibagger stock: Vijaya Kedia portfolio stock Elecon Engineering has given 300 per cent return to its shareholders in 2021 or in Year to Date (YTD) so far. According to stock market experts, this multibagger stock is still bullish on chart pattern and it may go up to 240 apiece in medium-term perspective.

However, the scrip is facing a minor hurdle at 190 to 200. They advised investors to buy the Vijay Kedia portfolio stock at current levels as it has strong support base at 149.

Elecon Engineering share price history

The multibagger stock has witnessed profit-booking in the recent sessions as it has delivered around 3.34 per cent return to its shareholders in last one month whereas it has surged from 63.50 to 167.60 apiece, logging 162 per cent rise in 6 months period.

In YTD terms, this engineering scrip has surged from 42.60 to 167.60 per share levels — rising around 300 per cent in this period.

Elecon Engineering share price forecast

Expecting further rise in this multibagger stock 2021; Sumeet Bagadia, Executive Director at Choice Broking said, "The stock still looks positive on chart and one can buy this Vijay Kedia portfolio stock at current market price for the immediate short-term target of 185 to 200."

Advising investors to take positional call in this Vijay Kedia portfolio stock; Ravi Singhal, Vice Chairman at GCL Securities said, "This stock looks highly bullish on chart pattern with strong support base at 149. One can buy the counter at current market price for the medium-term target of 240 maintaining stop loss at 149."

Indian ace investor and stock market trader Vijay Kedia, whose portfolio is closely tracked by the market participants, has 1.19% stake as of June quarter in Elecon Engineering.

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

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