Enviro Infra Surges On Deal Wins: SEBI RA Sameer Pande Sees 20% Upside Potential Ahead
Synopsis
Analyst sees bullish technical signals, suggests that every dip near ₹210 is a buying opportunity.
Enviro Infra Engineers ended over 10% higher on Tuesday after the company bagged domestic orders worth ₹306.3 crore for sewage treatment projects in Chhattisgarh. Additionally, it marked its entry into the renewable energy space with two solar power projects totaling 69 MW.
According to SEBI-registered analyst Sameer Pande, the stock could be hitting record highs soon after showing breakout signs on a popular technical indicator.
Enviro Infra Engineers stock is still nearly 40% below its record high of ₹325.4.
The stock experienced a surge in volumes, while the relative strength index (RSI) spiked sharply from 42 to 71 in just one session, indicating a strong upward momentum, Pande said.
The stock is likely to face resistance at around the ₹260-270 levels, while support can be seen at around ₹220-210, he added.
While placing a stop loss at ₹180, Pande said that every dip toward the support zone is seen as a buying opportunity. He set a target of ₹285 to be achieved by August end.
Retail sentiment on Stocktwits turned ‘extremely bullish’ from ‘neutral’ a day earlier, amid ‘extremely high’ message volumes.
Year-to-date, the stock has lost over 25%.
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