Stock to buy: Anand Rathi recommends Inox Wind shares as its stock pick of the month

Stock to buy: Inox Wind share price declined over 7% on Friday amid heavy trading volumes, snapping its four day gaining streak. Inox Wind shares fell as much as 7.45% to ₹167.05 apiece on the BSE.

The fall in Inox Wind share price today comes after a sharp 30% rally in the stock during the past 11 consecutive sessions.

Brokerage firm Anand Rathi has recommended Inox Wind shares as its stock pick of the month and sees a potential upside in the stock.

Stock to buy

According to Anand Rathi, Inox Wind shares have managed to confirm a breakout above ₹177 mark after a long period of consolidation.

“There is a strong base of double bottom formation around the ₹140 zone. Price action is supported with a major range shift in daily RSI,: Anand Rathi said.

The brokerage firm advises traders to buy Inox Wind shares between ₹179 - 175 level, with a stop loss of ₹166, and for an upside target of ₹199 apiece.

Inox Wind Share Price Trend

Inox Wind share price has remained largely flat over the past month. However, the stock has posted an impressive 18% gain over the past three months. On a one-year basis, Inox Wind shares have risen 6%, while delivering a 31% return over the last two years.

Despite short-term underperformance, Inox Wind share price has delivered multibagger returns of 151% over a five-year period, reflecting its strong long-term growth potential.

At 12:20 PM, Inox Wind shares were trading 3.91% lower at ₹173.45 apiece on the BSE, with a market captialisation of over ₹22,614 crore.

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.