Stock to buy for short-term: This multibagger small-cap stock is Axis Securities' momentum pick. Do you own?
Stock to buy for short-term: Strides Pharma Science share price was volatile on Friday amid weakness in the broader Indian stock market. Strides Pharma Science shares opened higher and gained as much as 1.49% to reach an intraday high of ₹ 793.50 apiece on the BSE. The smallcap stock, however, succumbed to selling pressure and was trading lower, hitting an intraday low of ₹ 773.00 apiece, falling 1.12%.
Brokerage firm Axis Securities has picked Strides Pharma Science shares as its momentum stock pick as it believes the small-cap has the potential to see an upside of over 18% in the short-term.
Axis Securities recommends a 'Buy' call on Strides Pharma Science shares, with a target price of ₹ 887-925, representing an upside potential of 18% from previous closing price. The buying range for Strides Pharma Science stock is ₹ 760-745. It maintains 'Buy' with a trend reversal level at ₹ 685.
'Strides Pharma Science share price has delivered a decisive breakout above the falling channel at ₹ 750 on the weekly chart, marked by a strong bullish candle and a surge in volumes, underscoring robust market participation and confirming the start of a medium-term uptrend,' Axis Securities said in a note.
Additionally, Strides Pharma Science stock price has crossed above the weekly upper Bollinger Band, generating a technical buy signal and adding further conviction to the breakout, it added.
The weekly RSI is trending higher, holding above its 50 mark and reference line, signalling strengthening momentum. A breakout above the RSI's downward-sloping trendline further reinforces the bullish setup, according to the brokerage firm.
With this setup, it believes Strides Pharma Science shares appear well-poised to extend its upward move, with near-term upside targets at ₹ 887 and 925. The timeframe for the trade is 3-4 weeks.
Strides Pharma Science share price has rallied 19% in one month and 25% in three months. The small-cap stock is up 10% YTD and jumped 94% in the past one year. Strides Pharma Science shares have delivered multibagger returns of 354% in two years and 310% in five years.
At 10:45 AM, Strides Pharma Science share price was trading 0.36% lower at ₹ 779.00 apiece on the BSE.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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