Update on Shree Pushkar. Stock 10% below Stoploss. Immediate bounce likely.
We had recommended a buyt in Shree Pushkar at 250 for a target of 300 with SL of 225. Stock is trading closer to 200 almost 10% below stoploss.
Since the stock has dipped quickly, Technically it is likely to bounce towards 235 in a short span. On the upside the stock will face resistance in the range of 260-280 on long term view.
Fundamentally, the stock is trading at 16x the annualized current quarter EPS. Which is considered to be very cheap.
We expect the stock to bounce towards 225-235 in less than a month and as the market recovers we see the stock at 260-280 in less than 6-9 months. On good further quarterly results, the stock can test 330-350 in a year time. SL 180.