Mid-cap stock rises 14% from recent lows; Anand Rathi expects another 14-15% upside

Stock to buy. Mid-cap stock. into Steel wires and rope manufacturing has rises 14% from recent lows; Anand Rathi sees another 14% upside for Usha Martin , that remains its pick of the week

Usha Martin share price movement

Usha Martin share price that had corrected to closing lows of around ₹292 on the 25 February with sharp correction in the stock market however has risen 14% and is trading at around ₹332 levels now. Usha Martin share price opened at ₹335.40 on the BSE on Friday, which was significantly above the previous day’s closing price of ₹330.95. The Usha Martin share price thereafter oscillated between intraday high of ₹335.70 and intraday low of ₹328.80.

The stock remains pick of the month for Anand Rathi who sees another 14- 15% upside.

Usha Martin is a Multibagger stock and has given more than 1400% returns in the last five years. Over last 3 years also Usha Martin share price is up multifold.

Usha Martin remains pick of the Month for Anand Rathi

Anand Rathi Investment Services has recommended to buy Usha Martin shares at around ₹334 for a target price of ₹380, which translates into expected gains of around 14-15%. Time frame recommended for investments by Anand Rathi is 1 month.

As per Anand Rath analysts Usha Martin share price on daily chart is showing high volume and trendline breakout.

Currently Usha Martin share price has also taken support and is moving above 50DMA ( 50 day moving average)

It is thereby Anand Rathi analysts have advised traders to go long in the stock in the range of 330-335. Anand Rathi analysts have recommended investors maintain a stop loss of ₹300. The recommended target price as per Anand Rathi analysts stand at ₹380 for the Usha Martin stock.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.