Mid-cap stock rises 14% from recent lows; Anand Rathi expects another 14-15% upside

Stock to buy: A mid-cap stock has seen an impressive growth of about 14 per cent from recent lows. However, brokerage firm Anand Rathi believes it has more steam left. The brokerage firm is bullish about Usha Martin- which deals in steel wires and rope manufacturing - with the stock being its pick of the week. The brokerage expects another 14 per cent upside potential in the stock.

Usha Martin share price movement

Usha Martin share price had corrected to closing lows of around ₹292 on February 25 amid a sharp correction in the stock market. However, it has risen 14% from the recent lows and is trading at around ₹332 levels now. Usha Martin share price opened at ₹335.40 on the BSE on Friday, which was significantly above the previous day's closing price of ₹330.95. The stock thereafter oscillated between an intraday high of ₹335.70 and an intraday low of ₹328.80.

The stock remains the pick of the month for Anand Rathi, who sees another 14- 15% upside. Usha Martin is a multibagger stock and has given more than 1,400% returns in the last five years. 

Usha Martin remains pick of the month for Anand Rathi

Anand Rathi Investment Services has recommended buying Usha Martin shares at around ₹334 for a target price of ₹380, which translates into expected gains of around 14-15%. The time frame recommended for investments by Anand Rathi is one month.

As per Anand Rath analysts, Usha Martin share price on the daily chart is showing high volume and trendline breakout.

Currently, Usha Martin share price has also taken support and is moving above the 50-day moving average (DMA).

Therefore, Anand Rathi analysts advise traders to go long on the stock in the range of 330-335. Anand Rathi analysts have recommended investors maintain a stop loss of ₹300. The recommended target price as per Anand Rathi analysts stand at ₹380 for Usha Martin stock.

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.