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Experts give buy tag to this penny stock

Multibagger penny stock for 2022: Seeing huge number of multibagger stocks in 2021, positional investors are looking forward to such stocks that may give similar kind of return to them. As penny stocks require small amount for investing, some high risk investors may think of investing in penny stocks that may give whopping return to them. For such high risk investors, stock market experts have picked Vikas Lifecare shares. The penny stock has been under selloff heat due to weak sentiment at the secondary markets. However, some experts believe that it may emerge as multibagger penny stock in 2022.

According to stock market experts, Vikas Lifecare shares are looking strong on chart pattern and it has created an interesting price action as well. They said that the stock is poised for sharp upside trend once there is trend reversal in the secondary market. They are expecting this penny stock to surge up to 12 by the end of 2022 from current 5 apiece levels.

Speaking on Vikas Lifecare stock price outlook; Anuj Gupta, Vice President at IIFL Securities said, “The stock has breached consolidation zone and has been able to sustain above this zone even when the market sentiment has remained bearish for last one week. It is looking positive on chart pattern and may give sharp upside move once there is trend reversal in the secondary market.” He said that the penny stock is facing resistance at around 7.50 to 8.0 levels. But, once it breaches this hurdle, it may give sharp upside moves in short to medium term.

Echoing with Anuj Gupta’s views; Manoj Dalmia, Founder & Director at Proficient Equities said, “The primary trend is sideways but in the intermediary trend, it has created an interesting price action. After a downtrend breakout on 22nd December 2021 a sharp fall was noticed below the neckline of head and shoulder. Thereafter forming a triangle and with a sharp upward rally with a second attempt of upward breakout currently it is facing a resistance below a downward trendline.”

Asked about Vikas Lifecare share price target, Anuj Gupta of IIFL securities said, “Once there is trend reversal, the penny stock may give sharp upside move and by the end of 2022, we are expecting this stock to go up to 12 apiece levels from its current 5 per share levels.”

Vikas Lifecare share price history

Vikas Lifecare shares are one of the multibagger penny stocks in 2021 as it has delivered around 100 per cent return to its shareholders in lat one year. In last 6 months, it has given near 50 per cent return to its shareholders. However, the stock has been on the receiving end for last one month, losing around 35 per cent in this period.

Current market capital of Vikas Lifecare shares is around 582 crore. It’s all time high is 7.95 whereas its 52-week low is 2.46 apiece. Current trade volume of the penny stock is 12,61,377, which is much lower to its 20 days average volume of 54,73,444.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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