Stock Radar: Multibagger in a year! REC breaches 3-week consolidation; time to buy?
Short-term traders can look to buy the stock now for a target of Rs 585 in the next 1-2 weeks, suggested experts.
Synopsis
The stock price surged 242% from Rs 164 on July 4, 2023, to Rs 562 on July 3, 2024, reaching a record high of Rs 607 on June 3, 2024. However, it couldn't sustain the momentum and consolidated around Rs 500 for three weeks before finally breaking out this week.
REC Ltd, a part of the financial institution space which rallied over 200% in a year, witnessed mild consolidation but it broke out of a 3-week consolidation range this week, which suggests that the stock could retest its record highs soon.Short-term traders can look to buy the stock now for a target of Rs 585 in the next 1-2 weeks, suggested experts. The stock rose from Rs 164 as of July 4, 2023, to Rs 562 on July 3, 2024, which translates into
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