Technical Analysis: Patel Engineering – Worth Buying now
Patel Engineering is trading at Rs 420.9 now and despite the scary plunge from Rs 640 to Rs 286 in the three months from May this year, there is still some hope left for the investors in this stock. The stock reversed from the key support zone around Rs 300 in July and is currently trying to claw its way higher. Investors can hold the stock with a stop at Rs 285, where the long-term trend line is also positioned. The next long-term support is present at Rs 220.
The up trend from the July trough appears promising and can take the stock higher towards Rs 530 or Rs 587 in the medium term. The medium-term outlook will turn positive on a move beyond Rs 587, paving the way for a surge towards higher prices like Rs 700 to Rs 800.
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