19 Feb , 2022 By : Kanchan Joshi
Multibagger stock for 2022: Amid falling Indian stock market, retail investors are looking for an opportunity to find value picks that can give whopping return on small investment. For such investors, there is a piece of good news as stock market experts have recommended Vikas Ecotech stocks to buy, a penny stock that they expect to emerge as possible multibagger penny stock for 2022. They said that the penny stock is nearing a breakout and can go up to Rs11.60 apiece levels in short term.
Speaking on Vikas Ecotech share price outlook; Anuj Gupta, Vice President at IIFL Securities said, "Technically, the stock is showcasing bull trend. It has breached consolidation zone and looking highly bullish on chart pattern. Currently, it is trading above the consolidation zone and can go up to Rs10 and then Rs12 in short term."
Predicting fresh breakout in the penny stock; Manoj Dalmia, Founder & Director at Proficient Equities Limited said, "Vikas Ecotech is nearing a breakout and it is forming a triangle pattern. We can expect good moves after rs7.30 levels. It can take support near rs4.40 as per Fibonacci levels. Target can be till Rs11.60. So, one can buy this penny stock at current levels maintaining stop loss below Rs4.40 levels and hold as the stock is one of the probable multibagger penny stocks for 2022 in Indian stock market."
More details about Vikas Ecotech shares
Vikas Ecotech has market capital of Rs561 crore. It's 52-week high is Rs6.90 per share whereas its 52-week low is Rs1.04 apiece levels on NSE. Vikas Ecotech shares' current trade volume is 18,64,515, which is much lower from its 20 days average volume of 1,15,63,267. So, traders can avoid breakout if the trade volume is not sufficient. Penny stock's closing high on NSE is Rs27.58, which it made on 5th January 2018.
Vikas Ecotech share price closed at Rs4.90 apiece levels on Friday. It has shed near 11 per cent in last one week hitting lower circuit on last two session.
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