3 Multibagger Penny Stocks 2022 That Are Probable Turnaround Stories
As the Indian secondary market climbed to its new highs in 2021, despite the global economy reeling under the Covid-19 pandemic, a good number of shares entered the list of multibagger stocks that includes BSE SME and some penny stocks too. According to experts, if the fundamentals of a small company are strong, then investment in penny stocks may yield a much higher return than the average benchmark indices return. Here we have curated a list of 3 multibagger penny stocks for 2022:
Multibagger Penny Stocks 2022: Suzlon Energy
Suzlon Energy Ltd’s shares have made a five-month breakout, and they’ve been going up since. In other words, it seems like Suzlon has gotten the green light to keep increasing in price. This stock is also forming an inverse Head and Shoulder pattern, which is a really good sign. What does that mean?
It usually means that there’s about to be a drastic shift in a stock’s price, but not always. Suzlon energy shares have underperformed the broader market by falling around 70 per cent over the past five years. The weak global growth and a mix of headwinds from its inability to meet commitments, balance sheet issues, capital expenditure and operational uncertainty has sent stocks crashing”. It is currently at INR 8 and may easily touch 15-20 INR. Its clearly moving in a parallel channel. However, you need to wait till price slightly corrects by 10-15% and then start accumulating.
Multibagger Penny Stocks 2022: IFCI
IFCI share has given six months consolidation breakout and moved above the prior high of ₹16.4 levels on June 2021 along with the volume spurt. On a weekly time frame, the stock has been rising continuously with Higher Highs and Higher Lows formation. In addition, the stock has also given a breakout of Bullish Flag pattern with huge volume and again retested the upper band of the pattern, which indicates a bullish set-up in the counter.
Multibagger Penny Stocks 2022: Vodaphone Idea
On a monthly chart, the stock has given a breakout of its strong resistance level of ₹13.50 levels and sustained above the same which indicates strength in the counter. On a daily chart, the stock is given a breakout of the upper band of Symmetrical Triangle line formation which points out the upside journey in the counter. Furthermore, the stock has been trading above 100&50 Days Moving Averages which shows a positive trend for the time being. On a weekly chart, the stock has given a breakout of Inverse Head & Shoulder Pattern, which is a bullish reversal indication.
Also Read: 9 Multibagger Stocks to Buy in 2022