Patel Engineering Ltd (NSE: PATELENG): After the rise in the stock market, investors have seen a decline in the market in the last few days. The decline from the high level was so fast that even when there were signs of market recovery, there was some hesitation among the investors.
When there was some growth in the market, investors are not daring to buy more in this market. However, Wednesday’s trading session was a session that boosted the morale of the investors.
Experts in this market are constantly saying that better results can be obtained by keeping a stock-specific approach in the market.
If we look at some such stocks in this market, if they were not affected by the rise in the market in the uptrend, then they have not been affected much even when the market fell and their fundamentals are very strong.
One such mid-cap stock is Patel Engineering Ltd. Patel Engineering is a very experienced company in doing irrigation-related projects and the company has all the big projects.
As seen, there has been a declining environment in this stock for the last several days. In June 2024 itself, the stock has declined continuously from the level of 74.30 and has tested its support level of Rs 53.60. The price of the stock gained 4 %.
Experts believe that the level of Rs 53 is a strong support zone for this stock and if we talk about the price action of March 2024, then this stock took support from the buying zone around Rs 53.
Kalim Khan, Founder of Patel Capital Research, says that Patel Engineering Ltd has declined continuously. Due to weak sentiment, there was profit booking in the stock but now it has reached its buying zone.
In the last six months, this stock has tested the buying zone of Rs 52 to Rs 58 four times. Patel Engineering Ltd stock saw a gain of four percent during the trading session on Wednesday and ended at 55.61 rupees.
Kalim Khan said that if we consider the price action of Wednesday, then this stock is trying to rise from its immediate bottom level. This stock can consolidate in the range of Rs 52 to Rs 58.
Kalim said that if there is an upward breakout after consolidation in this buying zone, then we can get good targets in this stock in the coming days.
He said the first target for Patel Engineering Ltd is Rs 65. He advised us to keep the stop loss in this stock at the level of Rs 50.50.
Patel Engineering Stock Performance
| Current Price | ₹ 54.4 |
| 52-wk High | ₹ 79.0 |
| 52-wk Low | ₹ 42.0 |
| 5 Days Return | -6.62% |
| 1 Month Return | -12.47% |
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