Gaurav Ratnaparkhi of Sharekhan has a buy call on Equitas Holdings with a target price of Rs 140.The current market price of Equitas Holdings is Rs 123.55.Time period given by the analyst is two weeks when Equitas Holdings price can reach the defined target.
Gaurav Ratnaparkhi recommended keeping a stop loss at Rs 120."The stock witnessed a sharp recovery in the penultimate week, which is appearing as an Impulse structure on the lower time frame.
Post the Impulse formation, the stock has undergone a channelized three wave correction.
Thus as per the Elliott Wave Theory, the stock is poised for the next impulse on the upside.
The daily momentum indicator is in sync with the bullish structure.
The risk-reward ratio is attractive to initiate a fresh long position," Ratnaparkhi said.
Equitas Holdings, incorporated in the year 2007, is a midcap company (having a market cap of Rs 4,291.53 Crore) operating in the finance sector.