Multibagger Stock for 2022: The year 2021 was a remarkable year for the Indian stock market as the Indian secondary market climbed to a new high due to the global economy covid-19 pandemic. A large number of stocks entered the list of multibagger stocks including BSE SMEs and some penny stocks as well. According to experts, investing in penny stocks is risky as low liquidity in the stock leads to high volatility following the same trigger. However, if a small company’s fundamentals are strong, investing in penny stocks can deliver returns much higher than the average benchmark index return.
Multibagger Penny Stocks for 2022
Sumeet Bagadiya, Executive Director, Choice Broking has listed 3 penny stocks that can give multibagger returns to their shareholders:
1]Suzlon Energy: On the monthly chart, Suzlon Energy stock has given a five-month breakout and is . remains above the previous high of 9.45 Created in July 2021. It is also forming an inverted head and shoulders pattern, which is a trend reversal indicator. Moreover, the price has managed to stay above the upper Bollinger Band formation, which suggests bullish strength in the stock. Volume activity has also been rising gradually over the past few months, indicating buying interest among traders.
On their suggestions to the stock exchange investors regarding the shares of Suzlon Energy; Sumeet Bagadiya, Choice Broking said, “One can initiate long positions in the shares of Suzlon Energy 10 or until the price drops For targets above 8 levels, can be used as a buying opportunity 15 more 20 while the support is placed at approx. 6 level, which can be considered as stop loss on closing basis.”
2]IFCI: On a monthly scale, IFCI stock has given a six-month consolidation breakout and has moved above the previous high of Rs. Accenture volumes gained momentum along with the June 2021 level of 16.4. On the weekly time frame, the stock continues to rise with higher highs and higher lows forming. Besides this, the stock has also given a breakout of the Bullish Flag pattern with heavy volume and re-tested the upper band of the pattern, indicating a bullish trend in the counter.
Suggesting investors to buy this potential multibagger stock for 2022, Sumeet Bagadiya said, “Anyone can initiate a long position in IFCI. 16 or until the price drops 14 Each level can be used as a buying opportunity for the target above 25 more 30 while the support is placed at approx. 11 level, which can be considered as stop loss on closing basis.”
3]Vodafone Idea: On the monthly chart, the stock . has broken its strong resistance level of 13.50 level is formed above the same which indicates strength in the counter. On the daily chart, the stock is given a breakout of the upper band of the symmetrical triangle line formation which indicates an upward journey in the counter. Besides, the stock is trading above the 100 and 50 day moving averages which shows a positive trend for some time. On the weekly chart, the stock has given a breakout of the inverse head and shoulders pattern, which is a bullish reversal signal.
Advising investors to buy Vodafone Idea shares for long term, Sumeet Bagadia said, “Anyone can open a long position in Idea. 14 or until the price drops 13 levels can be used as a buying opportunity to target above 20 more 25, while the support is placed around 10 level, which can be considered as stop loss on closing basis.” He added that the stock could go up from 28 30 epic levels after 5G rollout this year.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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