Stock market today: After a stellar debut in the Indian stock market on Monday, Waaree Energies share price extended a post-listing rally for the second straight session during the early morning session on Tuesday. Waaree Energies share price today opened with an upside gap at ₹2,375.10 apiece on the NSE and touched an intraday high of ₹2,454 per share, logging an intraday rise of around 5 per cent within a few minutes of the Opening Bell.
According to stock market experts, Waaree Energies shares are expected to remain under the radar of long-term investors due to company's expansion plans and sustained sectoral demand. They said that short-term investors can hold the scrip for the near-term target of up to ₹2,800 whereas long-term investors can hold the scrip for two to three years and accumulate more if the stock comes around ₹2,200 to ₹2,300 per share range.
Speaking on the outlook of Waree Energies share price, Prashanth Tapse, Senior VP — Research at Mehta Equities, said, “We believe the long investors' demand would remain the counter on the back of sector demand and expansion plan, and an opportunity play the largest manufacturer of solar PV modules in India, bolstered by favourable government policies and few Incentive (PLI) scheme, Hence, we recommend long term investors to “HOLD” while short term investors can look for target anywhere between ₹2750-2800 to book profits."
On the suggestion to fresh investors regarding Waaree Energies shares, the Mehta Equities expert said, "Fresh accumulations can be attempted anywhere between ₹2200 and ₹2300 if it is due to the market scenario and profits booking attempts.”
Calling Waaree Energies shares a portfolio stock to add, Shivani Nyati, Head of Wealth, Swastika Investmart, said, “The company has a strong focus on growth and expansion. It has demonstrated remarkable financial growth. The company has a diversified base of global and Indian customers with a strong order book. Investors may consider booking part profit here, and those who want to hold it for the long term may keep a stop loss of ₹2000.”
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
