Patel Engineering Ltd's shares have risen 342% in the last three years. The multibagger stock, which closed at Rs 12.45 on May 7, 2021, was trading at Rs 55 in the current session on the BSE. The civil construction firm's shares rose 1.68% to Rs 55.99 on Friday, compared to the previous close of Rs 55.06 on the BSE. The market capitalization of Patel Engineering increased to Rs 4,660 crore in the afternoon session today. On the BSE, total 6.55% of the firm's shares changed hands, resulting in a turnover of Rs 3.61 crore. In comparison, the benchmark BSE small cap index has gained 101% in the last year.
The company's has risen 122% in a year, but has fallen 15% since the start of the year. On May 12, 2023, the share fell to a 52-week low of Rs 24.15, before rising to a 52-week high of Rs 79 on February 6, 2024. Progressive Shares has set a price target of Rs 99 for Patel Engineering stock.
"The stock is on a primary uptrend and is currently forming a big Rounding Bottom formation, with Rs79 being a breakout point. At the same time, the stock is building another pattern known as a Symmetrical Triangle Formation, with a breakout target at Rs 64. One can predict a target of Rs 99 following the breakout from a triangular pattern.
According to Abhijeet from Tips2trades, “The stock price of Patel Engineering is negative on the daily charts, with significant resistance at Rs 59.75. A daily closure below Rs 52.95 could result in a drop to Rs 48 in the near term.”
The stock is neither oversold nor overbought on technical charts, with a relative strength index (RSI) of 38.3. It has a relatively high volatility of 1.3 per year. Patel Engineering shares are trading below the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day, and 200 day moving averages.
The aforementioned company specializes in civil engineering in the development of hydroelectric projects, dams, tunnels, highways, and railways. It also engages in real estate activities involving owned or leased property.
