Share Below Rs 100: Dont miss action in Patel Engineering!

Patel Engineering has come out with its Q2FY22 numbers, and the street will be happy with the quality numbers this time around as the there is an all-round improvement i.e improvement in Total Income, PAT, operational margins and orderbook. 

Technically the stock is in intermediate uptrend and has recently bounced from its key support area of 23.40 per share. The share price of Patel Engineering gained by more than 5 per cent on Monday with spurt in volume as investors expected a quality set of numbers in Q2FY22. 

The shares of Patel Engineering closed above the 9D SMA and slightly below the 20D SMA on Monday. This indicates near term bullishness in the counter. Patel Engineering has declared a surge in net profit of over 100 per cent QoQ.

The share price of Patel Engineering is up by 70 per cent in 2021 alone while in one month the stock is up by 5.20 per cent. The 52-week high for Patel Engineering is 31.70 per share. 

BSE Sensex soared by more than 800 points on Monday indicating a strong reversal in the trend. Metal stocks and mid cap stocks were seen outperforming on Monday.