Stock to buy for short-term: Anand Rathi sees 12.5% upside in Share India Securities. Time to buy?

Stock to buy for short-term: Brokerage firm Anand Rathi Investment Services has selected Share India Securities as its top pick for January, forecasting a potential upside of 12.5%.

According to Anand Rathi's stock pick report, the company's shares witnessed a decent rally from around ₹270 to ₹340 mark. The brokerage further noted that the stock retracted 50 per cent of the rally but is now again on its way back up.

The stock has managed to clear the Ichimoku cloud too, according to the brokerage firm. Looking at a broader time frame, Anand Rathi is bullish on the counter and expects it to form an “inverse head and shoulder” pattern.

Stocks to Buy

The brokerage suggests buying Share India Securities between ₹295-300. It has a target price of ₹340 on the stock, with a stop loss of ₹278

On Friday, Share India Securities stock price ended 1.58% lower at ₹299.50 apiece on the BSE.

About Share India Securities' business 

Share India Securities was established in 1994. The company offers financial services like trading and broking and investment services like portfolio management, research analysis, and mutual fund distribution. They also offer depository services along with an online trading platform, according to the official website. 

As per the data collected from the website, the company has an average daily turnover of more than ₹13,400 core, with a compound annual growth rate (CAGR) of 52.3 per cent. The company was listed in the BSE SME index in October 2017. 

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.