Stock to Buy Now, 19 Feb 2024: On Monday, February 19, Indian stock markets opened higher and extended their early gains. Nifty index hits fresh all-time high and trading in fine fettle. The technical analysts of Prabhudas Lilladher have recommended the best stock to buy now for short-term returns of 22%
Stock to Buy Now -HFCL
The share price of HFCL is trading higher at Rs 107 per share on the NSE, 6.5% up from its previous close. HFCL’s share price has touched a 52-week high at Rs 112.45 and hit a low at Rs 55.75.
The HFCL share price is in the news, as it promoted Exicom Ltd. IPO is ready to launch on 26th February. According to Prabudas Analysts, it is the first electric vehicle (EV) charging company in India generating profits of over Rs 75 crore annually. The value of HFCL’s stake in Exicom is over Rs 1000 crore.
The stock recently has been in consolidation for quite some time after a decent run-up and currently making a higher low formation on the daily chart has once again improved the bias to anticipate for further rise.
With RSI currently well placed has indicated improvement having much upside potential from current levels. The research-based Broking House Prabhudas Lilladher suggests the stock to buy for an upside target of Rs 130 keeping the stop loss at Rs 94.
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