This stock has increased by 119% in the last 6 months, claims the brokerage firm – will continue to grow further

Multibagger Stock Tips: Shares of Lux Industries have given multibagger returns this year (Year-to-Date or YTD). The stock has gained over 170% so far in 2021. The stock has gained over 119% in the last six months period. Brokerage and research firm HDFC Securities has expressed expectation of further rise in the stock in the next three months.

The brokerage has given ‘Buy’ rating to the shares of Lux Industries as part of its Emerging Positional Stock Pick. It has placed an upside target price of ₹ 4750, 5200 on the stock and a stop loss of ₹ 3,850 with a time period of up to three months.

According to HDFC Securities, Lux Industries share price has broken above a downward trendline with high volumes on the daily chart. The stock price also broke down on the weekly chart as it crossed the previous resistance of 4300 odd level.

HDFC Securities in its note said that the RSI (Relative Strength Index) and MFI (Money Flow Index) oscillator is placed above 60 and is moving upwards, indicating strength in the current uptrend.

HDFC Securities said, “Furthermore, DI is trading above -DI while ADX (Average Directional Index) line is above 25, indicating momentum in the current uptrend. We recommend buying Lux with a stop loss at 3,850 and target above 4,750 and 5,200.” offers.

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