REC may be forming a bullish double bottom near ₹388-₹390, says analyst Deepak Pal. With MACD and RSI showing early positive signals, a breakout could take the stock to ₹425. Long-term fundamentals remain strong, with a projected FY24 profit of ₹4,019 crore and a loan book of ₹5.15 lakh crore. The analyst advised a buy-on-dips strategy with ₹385 stop loss.