Inox Wind Stock: Anand Rathi's pick of the month with 11% upside potential

Inox Wind, a multibagger stock from the Inox Group, has been catching the eye of investors as it continues its impressive run. The stock has gained over 6% after securing India's largest wind order, pushing its momentum higher. In fact, the domestic brokerage Anand Rathi has named Inox Wind as its Pick of the Month, with expectations of an 11% upside.

Stock Performance and Key Trends: Inox Wind has seen an 18% increase in the past year. The stock hit a 52-week low of ₹124.35 on June 5, 2024, and peaked at ₹262.10 on September 23, 2024. Recently, the stock has experienced positive movements, gaining 4% in April after an 8% surge in March.

Technical Analysis: In terms of technicals, Inox Wind has finally broken above the ₹177 mark after a long consolidation phase, signaling a potential upward trend. The stock has formed a strong double bottom pattern near the ₹140 zone, providing solid support. Furthermore, the price action is aligned with a major range shift in the daily RSI (Relative Strength Index), which further supports the bullish outlook.

Investment Strategy: Traders are advised to buy Inox Wind between ₹179 and ₹175, with a stop loss set at ₹166. The target price for the stock is ₹199, indicating a potential upside of 11%.