Buy Shakti Pumps: Hemen Kapadia

Hemen Kapadia, Technical Analyst at chartpundit.com advised buying Shakti Pumps with a target of Rs 61.

Hemen Kapadia told CNBC-TV18, "Shakti Pumps has shown a lot of intraday strength. The stock has also been under a decline for 8-9 trading sessions, indicating an oversold situation. It has also been on decline for a significant amount of weeks indicating a deeply oversold situation in weekly charts. The first round of positive divergence seems to have come up on the daily and the scrip has given an upward key reversal today indicating that not only is it set for a short-term bounce this short-term bounce may very well get converted into a medium-term bounce. So keeping that in mind, one can buy Shakti Pumps at around Rs 56, with a stoploss of Rs 53.50 and a target of Rs 61."