Long on VA TECH WABAG for Long TermThe share jumped 9.25% on December 12, 2022 to touch a 52-week high of Rs 374.90. It then fell by nearly 19% to a low of 304.55.
It took support from lower support trendline of the rising wedge to reach CMP of 356.70 rising 17.12%.
The stock is trading above all short term and long term moving averages.
An inverse Head and Shoulders kind of pattern can be observed, which indicates reversal of price trend.
One can initiate buy order only above 366.5 for confirmation. A strict Stop loss of 339 is recommended on closing basis.
Fundamentals:
It bagged a Rs 800-crore order from the Dhaka Water Supply & Sewerage Authority on 17th Mar 2023.
VA Tech Wabag secured an order worth Rs 4,400 crore from Chennai Metropolitan Water Supply and Sewerage Board on 31st March 2023.
Robust order pipeline with improving margin profile and attractive valuation.
