The stock reached a 52-week high of Rs 1,019.75 on November 9, 2021 with a market capitalization of around Rs 60,000 crore. The trend has since reversed, but the stock is finding support near the neckline (breakout) area of the consolidation range, experts advise.
Moved to the range of around 500 points where the rupee was at the upper end of the 800 range and at the lower end of the 350 rupee range. On the monthly chart, the stock finally went out of range by the end of October 2021.
Stock Radar: Collect United Spirits for Rs 960-1020, Recommended by Ajit Mishra
Description: Investors who missed out on opportunities before investing in United Spirits may look to enter the stock for a target of Rs.
In November 2021, it reached a 52-week high of Rs 1,019 but failed to keep pace. However, the stock is finding support near the neckline of the breakout area above Rs 800.
Investors who have missed the opportunity before may look to enter the stock for a target of Rs 960-1020 in 1-2 months or deposit the stock at Rs 800-840, experts suggest.
McDowell-N (United Spirits) had a prolonged merger phase that lasted about 6 years (2015-2021) and it finally witnessed a breakout from it in October 2021.
“After a breakout following initial growth, it has been trading with a correctional bias for the past six months. Now the neckline (breakout) area of the consolidation range is acting as a strong support and we are seeing interest in buying every sink, ”said Ajit Mishra, VP – Research,
Broking Limited, Dr.
“It simply came to our notice then. Location traders and investors can deposit Rs 800-840 in the zone and target Rs 960 and Rs 1,020 for the next 1-2 months. Traders should maintain a stop loss of Rs 760, ”he said.
(Disclaimer: The recommendations, suggestions, opinions and opinions offered by the experts are their own. These do not represent the views of the Economic Times)