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Business News/ Markets / Stock Markets/  Multibagger stock to buy? Deven Choksey predicts big upside in Share India share price in one year

Multibagger stock to buy? Deven Choksey predicts big upside in Share India share price in one year

Multibagger stock to buy: Deven Choksey believes that Share India share price may go up to ₹2750 apiece in 12-month

Share India stock price has corrected around 25 percent in the last three months. (Photo: Pixabay)Premium
Share India stock price has corrected around 25 percent in the last three months. (Photo: Pixabay)

Multibagger stock to buy: Share India share price has remained in base-building mode for the last three months. Share India shares peaked at around 2000 apiece after touching the lifetime high of 2,026 per share. Share India share price today is around 1550 per share, which means Share India stock price has corrected around 25 percent in the last three months. However, Deven Choksey believes that the brokerage stock is all set to come out of the base-building mode and deliver a significant return to the positional investors. The brokerage is optimistic that Share India share price may touch up to 2740 to 2750 apiece in the next 12 months, offering a promising potential return on investment.

Multibagger stock to buy

Deven Choksey's investment strategy for Share India shares is based on a technical analysis of the stock's price movements. He points out that the stock is currently in an uptrend, characterized by a series of higher highs and higher lows. It has recently broken out above a bullish continuation pattern known as a 'Flag & Pole' on the monthly chart. This pattern is identified by a pole starting from the lows of December 2020 and a flag formed by a series of lower highs and lower lows. Using a tool called the Fibonacci extension, Choksey has identified the projected upside targets for the stock. The first target is the 61.8% level at 2225, and the final target is placed at the 100% level at 2744. He also notes that the stock's bullish momentum can be regained if it trades above the immediate swing high from February 2024, which is between 2025-2030.

Choksey suggests a 'buy-on-dips' strategy for Share India shares. This means that investors should consider buying the stock when its price dips, as this could present a good buying opportunity. He points out that the stock has created a bullish gap (1529-1544) on the Daily chart on 12th Nov '23, and the recent low is near 1559. This gap can act as good short-term support, and a buy-on-dips opportunity near this gap is preferred. He also notes that the stock presents another buy-on-dips opportunity near the breakout level of the continuation pattern, which serves as near-term support.

However, it's important to note that if the price falls below and sustains under the immediate swing low of 990 (intermediate support levels of 975-990), the Flag & Pole pattern would be invalidated, turning the trend to bearish. This is a potential risk that investors should be aware of, as it could impact the expected return on investment.

Share India share price target

In summary, Choksey's report on Share India's share price target suggests that the price is expected to experience a throwback to the breakout zone of the Flag & Pole pattern, reaching its short-term support levels. A subsequent reversal and upside movement from 2025 to 2030 can be anticipated. Once the stock breaks above the swing high from February 2024, further upside movement to the mentioned target levels can be expected in the next year.

Choksey's analysis also includes upside targets for Share India stocks. He predicts that the stock could reach 2220 to 2230 per share in the short term, whereas the stock's long-term upside target is set at 2740 to 2750 per share.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 27 May 2024, 02:43 PM IST
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