Multibagger penny stock for 2022: Ravi Singhal of GCL Securities suggests one stock to buy

08 Jan , 2022 By : Kanchan Joshi

Multibagger penny stock for 2022: Investing in penny stock is highly risky as a small trigger lead to high volatility in the stock. However, 2021 has been a remarkable year for various penny stocks with good fundamentals as a good number of penny stocks entered the list of multibagger penny stocks in 2021. Now, after ushering into the New Year 2022, retail investors are busy finding out possible multibagger stocks for 2022. For such stock market investors, Ravi Singhal of GCL Securities has recommended Pil Italica Lifestyle or Pilita stocks to buy when the market opens on Monday.

Speaking on multibagger penny stocks for 2022; Ravi Singhal, Vice Chairman at GCL Securities said, "Pilita share price has been under selloff heat since April 2021 but it has shown rebound in last few trade sessions. It is a quality stock as the company fundamentals are strong enough. The small-cap company has a PE ratio of 49, which is understandable due to its small liquidity. But, it may hit Rs19 to Rs20 levels in short-term."

Ravi Singhal of GCL went on to add that the penny stock has given fresh breakout at Rs10.40 on closing basis and it is currently at Rs11.10 apiece levels on NSE. He said that Pilita shares have strong support at Rs10.40 levels and from here sharp upside move can be expected in the counter as Pilita share price is still around 45 per cent discounted price from its 52-week high of Rs19.20 per share levels on NSE."

"On chart pattern, Pilita share price is poised for sharp upside rally and once it breaks its 52-week high on closing basis, we can expect the counter to go up to Rs35-38 apiece levels in next 6 months," said Ravi Singhal.

Asked about Pilita share price target for 2022, Ravi Singhal of GCL Securities said, "One can buy the small-cap counter at current levels maintaining stop loss at rs5 and keep on accumulating on every dips. The stock is poised to go up to Rs19 to Rs20 in short term, Rs35 to Rs38 in medium term whereas it may go up to Rs50 apiece levels in long-term."