Down 23% from its 52-week high, shares of Va Tech Wabag have found favourable views from a couple of analysts who see a turnaround in the counter. The Rekha Jhunjhunwal portfolio stock’s steep decline has come following a stellar rally making it a smallcap multibagger.
Notwithstanding the recent fall, 1-year returns by Va Tech Wabag stock are around 104% against nearly 7% by the Nifty50.
Va Tech Wabag is trading well above its 200-Dema placed at Rs 1,375 which is acting as a strong support and resistance at 1,650, Nilesh Jain, Head Vice President, Equity Research Technical and Derivatives at Centrum Broking said, who recommends accumulation of the stock calling it a positional bet.
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