Stocks to buy: HDFC Securities bullish on THIS stock

HDFC Securities is now bullish on Hitachi Energy, formerly called known as ABB Power Products and Systems India Limited.

New Delhi: HDFC Securities has listed a stock that market investors can buy now to make a quick buck in a few months. The domestic brokerage and research firm is now bullish on Hitachi Energy, formerly called known as ABB Power Products and Systems India Limited. 

According to HDFC Securities, the relative strength index and Money Flow Index oscillator is placed above 60 and rising upwards, indicating strength in the current uptrend. 

“Plus, DI is trading above -DI while ADX line has started sloping upwards, Indicating momentum in the current uptrend," the brokerage firm’s note read. 

Hitachi Energy shares have provided fantastic returns to investors in the past year. The share of the company has rallied by more than 106% during the last year, providing multibagger returns to investors. 

However, according to HDFC Securities, the share could witness a further upside in a three months time duration. The brokerage firm has a Buy rating on Hitachi Energy. The company has set a target price of Rs 2850 and Rs 3100 with a time frame of up to three months.

HDFC Securities has also advised investors to put a stop loss of Rs 2,370 on their investments in Hitachi Energy. The stock closed with a gain of 0.11% to Rs 2,646 on Friday, January 14. 

Hitachi Energy India Limited is the Indian arm of global power technology company - Hitachi Energy. The company headquarter is located in Zürich, Switzerland. According to the company’s website, Hitachi Energy is a global technology leader advancing a sustainable energy future for all. Also Read: HCL Tech Q3 FY22 net profit falls 13.6% to Rs 3,442 crore

The company serve customers in the utility, industry and infrastructure sectors with innovative solutions and services across the value chain, the website added. Also Read: Budget to offer more fiscal support to economy amid uncertainty from third wave: Report