Astral, in the capital goods sector, reached a new record high and chart patterns suggest the trend will continue. Short-term traders can buy the stock for a target of Rs 2215-2450. The stock broke out of a bullish flag pattern and found support above moving averages, indicating a positive trend.
Shares of Astral Ltd have delivered multibagger returns in the last three years. Astral stock, which closed at Rs 588.04 on August 14, 2020 was trading at Rs 2035 in the current session (August 16, 2023), delivering 246% returns in three years. During a period of two years and one year, the stock climbed 32% and 35%, respectively. In comparison, Sensex has zoomed 72.67% in three years.