Patel Engineering is on upper circuit since last two days. It has made Round bottom chart pattern. It is on the verge of giving break out on weekly chart with heavy volumes. So basically technicals says that bullish momentum for this stock will be continued.
Fundamentals of the company is not such good as compared to peers Book value - 49.8 Return on Capital Employed - 5.78% Sales Decreased as compare to previous financial year. Company went into losses from past profits. Debtors Days increased heavily. Promoters Holding decreased from 60.87% prevous year to 56.23% current year. Promoters pledged 88% of their holding.
Still good side are... DII increased the stake from 18.84% last year to 24.31% current year
So though fundamentals are not good as such but the stock is on bullish momentum and as per technical analysis it is a buy for the target of 49 or above.