Stock to buy: Indian brokerage firm, Anand Rathi Investment Services, disclosed its bullish stance and predicted a 15% upside for the Venus Pipes & Tubes shares in the upcoming one-month period.
Anand Rathi’s stock report highlighted that the shares of the iron and steel products maker have witnessed a clean breakout from a weekly inverse head-and-shoulder pattern, along with strong volume, indicating a shift in the trend sentiment.
The brokerage firm also said the current RSI is placed near the 58 level, which is further supporting the bullish bias of the stock.
“The RSI on the weekly timeframe has reversed from the 50 level and is currently placed near 58, further supporting the bullish bias,” said the analysts at Anand Rathi in their stock report. “This technical setup suggests a continuation of upward momentum,” they said.
Venus Pipes & Tubes is a manufacturer and exporter of stainless steel pipes and tubes, catering to sectors like chemicals, engineering, fertilisers, and pharmaceuticals, according to the company data.
Stock to Buy
Venus Pipes & Tubes Ltd (VENUSPIPES): Buy in the range of ₹1,600 to ₹1,540; Target Price at ₹1,815; Stop Loss at ₹1,440.
“We recommend going long in the ₹1,600 to ₹1,540 range, with an upside target of ₹1,815. A stop-loss should be placed below ₹1,440 on a daily closing basis to protect against any adverse move,” recommended Jigar Patel, Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers in the report.
Venus Pipes & Tubes Share Price Trend
Venus Pipes & Tubes shares closed 1.19% higher at ₹1,617.75 after Monday’s stock market session, compared to ₹1,598.75 at the previous market session.
The shares of the stainless steel pipes and tubes maker have given stock market investors more than 388% returns on their investments in the last five years,
Read all stories by Anubhav Mukherjee
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
