145% return in 1 year: Brokerage bullish on this small stock – Check targets
After falling on Thursday, the equity benchmark indices Sensex and Nifty rebounded in early trade on Friday amid buying in earlier stocks. Amidst this volatility, brokerage firm Anand Rathi picked a small stock – MIC Electronics – for the time being.
According to the brokerage firm, the counter experienced a sharp correction after touching the Rs 115 level in September 2024.
“The stock has undergone a strong correction, down around Rs 34 – equivalent to a 29 percent decline. This major pullback has brought the price down to a critical technical level, where it has formed a Bullish BAT pattern between the S3 & S4 camarilla pivot which is in line with the previous demand area on the daily chart,” the brokerage said.
Share a Price Target
The brokerage said investors can consider buying or accumulating the stock in the range of Rs 81-83 with a potential target of Rs 90.
“To control the risk, it is recommended to keep the stop loss at 77.5 on the daily close,” said the broker.
According to BSE data, shares of Hyderabad-headquartered MIC Electronics Limited have delivered a solid return of 71 percent in the last six months. On a YTD basis, the stock has delivered a multibagger return of 150 percent to its investors. The stock has run 638 percent over the past two years.
Shares of MIC Electronics have a 52-week range of Rs 114.74 – Rs 31.95. The company’s market capitalization is Rs 2,019.92 crore.
Meanwhile, equity benchmark indices Sensex and Nifty rose again in early trade on Friday amid buying in leading stocks Reliance Industries and HDFC Bank.
The BSE benchmark Sensex rose 216.18 points to 79,259.92 in early trade. The NSE Nifty rose 78.6 points to 23,992.75.
From the 30-share Sensex portfolio, Mahindra & Mahindra, Adani Ports, Bharti Airtel, Larsen & Toubro, Reliance Industries, Bajaj Finserv, Bajaj Finance and HDFC Banks are the biggest beneficiaries.
