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Sumit Bagadia gives buy tag to this stock despite multibagger return in 1 year

27 Nov , 2021   By : Kanchan Joshi

Sumit Bagadia gives buy tag to this stock despite multibagger return in 1 year

Year 2021 has witnessed a huge number of multibagger stocks and Shipping Corporation of India or SCI shares are one of them. The PSU stock has been giving stellar return to its shareholders throughout the year. In year-to-date time, this multibagger stock has risen from Rs88.45 to Rs146.20, logging around 65 per cent rise in this period whereas in last one year, SCI share price has appreciated from 56 to Rs146.20 apiece levels, yielding around 160 per cent return to its shareholders.

However, Sumeet Bagadia of Choice Broking believes that some sharper upside can be seen in this multibagger PSU stock. The stock market analyst is of the opinion that SCI stocks may go up to Rs200 levels in next two to three months from its current Rs146 per share levels, predicting around 37 per cent return for its shareholders in this period.

Highlighting the reason for being bullish on this multibagger stock, Sumeet Bagadia, Executive Director at Choice Broking said, "The stock is trading in bullish territory after the breakout of the Bullish Flag pattern on the weekly chart, which indicates upward direction in the stock for the long term. In the recent week, the price has moved above the prior swing highs of 145.50 levels, which suggest bullish strength in the stock. Moreover, the price has been hovering above Ichimoku Cloud and Upper Bollinger Band formation, supporting a bullish trend for the long term."

The Choice Broking stock experts went on to add that SCI share price has shifted above 50 per cent price extension, which confirms bullish presence in the stock.

On his suggestion to stock market investors in regard to this multibagger PSU stock; Sumeet Bagadia of Choice Broking said, "Based on the above technical structure, one can initiate a long position in SCI at CMP or a fall in the price till Rs145 levels can be used as a buying opportunity for the upside target of Rs180 to Rs200 while the support is placed at around Rs130 and Rs125 levels. So, Rs125 levels should be considered as a stop loss on a closing basis."

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