SJVN share price target 2024: Rs 1 lakh became Rs 3 lakh in 1 yr! Time to BUY PSU stock for more gains?

Authored by : Himanshi Singh Updated Jul 8, 2024 14:00 IST Photo : ET Now Digital SJVN share price target 2024: Rs 1 lakh became Rs 3 lakh in 1 yr! Time to BUY PSU stock for more gains?

SJVN share price target 2024: Shares of power generation PSU SJVN Limited are amongst some of the investors’ favourite stocks as they delivered multibagger returns in the past. Even on Monday, the stock rallied over 1 per cent to hit an intraday high of Rs 147.55 apiece on BSE.

In the past few years, SJVN shares have managed to multiply investors’ wealth several times, rising a whopping 425 per cent in the last two years and 200 per cent in the last one year. Had someone invested Rs 1 lakh in the state-owned company’s shares, their money would have swelled to around Rs 3.13 lakh now.

So, is it the right time to buy the PSU stock for more gains ahead?

SJVN Share Price Target 2024

The PSU stock has a 52-week range of Rs 45.32 and Rs 170.45 (touched on February 5, 2024). For long, SJVN shares have remained around Rs 140 levels. So, what does the future look like for the counter?

SJVN recently experienced a breakout on the daily chart, indicating a potential bullish trend. Prior to this breakout, the stock had been consolidating for 18 days, precisely on the 50-day Exponential Moving Average (DEMA) on the daily scale. This consolidation phase created a solid foundation for the subsequent breakout, said Jigar S Patel, Senior Manager - Technical Research, Anand Rathi Shares and Stock Brokers.

The stock’s daily Relative Strength Index (RSI) has reversed from 40 and is now near 60, which is a positive indicator for SJVN. Based on this analysis, the analyst has recommended taking a long position on SJVN within the price range of Rs 140-142, with an upside target of Rs 155.

“To manage risk, it is advisable to set a stop-loss at 134 on a daily closing basis.”

Prabhudas Lilladher’s Vaishali Parekh stated that a decisive breach above Rs 153 shall further strengthen the trend to expect for further target of Rs 168-170 levels in the coming days. “The near-term support is at 137 zone while the major support lies near 130 level below which the trend shall turn weak,” she underscored.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)