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HDFC Securities sees more upside on this multibagger energy stock in 3 months

14 Jan , 2022   By : Kanchan Joshi


HDFC Securities sees more upside on this multibagger energy stock in 3 months

Shares of Hitachi Energy India have given multibagger return in a year by rallying over 106% during the said period and is up 38% in six months time. Domestic brokerage and research firm HDFC Securities sees further upside on the multibagger stock with up to three months time frame.


Hitachi Energy stock price has broken out from the downward sloping trendline on the daily chart with higher volumes. The brokerage house highlighted that primary trend of the stock is positive as it is trading above its all-important moving averages.


Recommending the energy stock as its top e-margin positional pick, HDFC Securities has a Buy rating on Hitachi Energy with target prices of Rs2850, 3100 and stop loss of Rs2,370 with a time horizon of up to three months. 


“RSI (relative strength index) and MFI (Money Flow Index) oscillator is placed above 60 and rising upwards, Indicating strength in the current uptrend. Plus, DI is trading above -DI while ADX line has started sloping upwards, Indicating momentum in the current uptrend," the brokerage note highlighted.


Considering the technical evidences, HDFC Securities has recommend buying Hitachi Energy (formerly known as ABB Power Products and Systems India Limited).


Hitachi Energy India Limited (formerly known as ABB Power Products and Systems India Limited) is the Indian arm of Hitachi Energy - a global leader in power technologies, providing portfolio across the entire value chain.


The company partners with customers in utility, industry and transport & infrastructure to plan, build, operate and maintain power infrastructure. Its technologies facilitate transmission and distribution of bulk and distributed energy generated from conventional and renewable sources.


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