Buy Engineers India Ltd For Target Rs.175/190 - LKP Securities
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Future Outlook
• With Order Inflows of Rs 45bn and key focus on new age verticals, Engineers India shareholders have had a lot to cheer in recent times.
• Healthy Order Pipeline from the Petrochemical segment coupled with a strong Balance Sheet places the Navratna Consultancy Entity firmly on the growth path
Technical Commentary
• In the recent 1-2 months, the stock experienced a significant rally, suggesting strong buying interest and positive momentum.
• A potential cooling-off period might offer an advantageous buying opportunity. Bulls seem to be active at the lower end, which could provide support and attract fresh buying interest.
• The momentum indicator, RSI, is currently trading in an overbought territory. This indicates that the stock's price may be due for a correction. Such a correction could potentially help build up fresh momentum for future movements.
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