Anand Rathi's research report on Patel Engineering
PATELENG, recently experiencing a significant downturn, is currently hovering around the 56 mark, closely mirroring its 200- day Simple Moving Average (SMA). Despite a recent reversal from a bullish bat pattern, the stock has entered a corrective phase over the past 4-5 trading sessions. Interestingly, during this correction, the size of the downward candles has been relatively small, suggesting a potential alleviation of selling pressure.
Outlook
Consequently, there appears to be an opportunity for investors to BUY within the range of 56-58, with an upside target of 66. A prudent approach would involve setting a stop-loss at around 53, based on daily closing prices, to mitigate potential losses.
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