Experts recommend buying on this penny stock

Multibagger stock for 2022: Amid the fall in the Indian stock market, retail investors are looking for an opportunity to find value picks that can yield a huge return on a small investment. For these investors, there is good news as stock market experts have recommended buying the shares of Vikas Ecotech, a penny stock they expect to emerge as a possible multibagger penny stock for 2022. They have said the penny stock is close to a breakout and may go as high as 11.60 levels each short term.

Speaking on Vikas Ecotech share price outlook; Anuj Gupta, Vice President of IIFL Securities, said: “Technically the stock is trending up. It has broken through the consolidation zone and looks very bullish on the chart pattern. Currently it is trading above the consolidation zone and can go up to 10 and then 12 in the short term.”

Predicting a new penny stock breakout; Manoj Dalmia, Founder and Director of Proficient Equities Limited, said, “Vikas Ecotech is about to break through and form a triangle. We can expect good moves after 7.30 levels. He can lean near 4.40 according to Fibonacci levels. The target can be up to 11:60 a.m. So, one can buy this penny stock at current levels keeping the stop loss below 4.40 levels and holding as the stock is one of the likely multibagger penny stocks for 2022 in the Indian stock market.”

More details on Vikas Ecotech shares

Vikas Ecotech has a market capital of 561 crores. That’s 52 weeks high is 6.90 per share while its low of 52 weeks is 1.04 levels each on NSE. The current trading volume for Vikas Ecotech shares is 18,64,515, which is well below its 20-day average volume of 1,15,63,267. Thus, traders can avoid the breakout if the trading volume is not enough. Penny stock close high on NSE is 27.58, which he did on January 5, 2018.

Vikas Ecotech share price closed at 4.90 levels each Friday. He’s lost nearly 11% in the past week reaching the lower circuit in the past two sessions.

Warning: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.

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