"Hi-Tech Pipes: Double Bottom Reversal – Strong Support Zone for Upside Move"
Stock: Hi-Tech Pipes Ltd.
Analysis: Hi-Tech Pipes has corrected from its recent highs but is now showing clear signs of reversal. The stock has formed a double bottom pattern, indicating potential upside from the current levels. Backed by increasing institutional interest and strong financials, the stock is poised for upward movement.
Key Highlights:
Promoter Activity: Promoters unpledged 0.12% shares, reducing pledged shares to 2.57% of total holdings. Promoter holdings reduced from 53.95% to 50.76% in Sep 2024 quarter. Institutional Confidence: FII/FPI Holdings: Increased significantly from 1.81% to 9.31%. Institutional Investors: Overall stake increased from 13.16% to 19.36%. Technical Setup: Double Bottom Formation: Indicates a potential reversal from the current strong support zone. CMP is ₹169, offering a favorable risk-reward ratio. Financials: The company has robust fundamentals, with analysts projecting targets of ₹192 and ₹208 in the short term. RSI looks strong and in buy zone Trade Plan:
Entry: Near CMP ₹169 or on confirmation of breakout above ₹175. Targets: ₹192 (short-term), ₹208 (mid-term). Stop Loss: Below ₹160 to manage risks. Disclaimer: This analysis is for educational and informational purposes only and should not be considered as financial advice. Please conduct your own research or consult a financial advisor before making any investment decisions.
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