Visit http://indiaer.blogspot.com/ for complete details RECOMMENDATION:BUY CMP: Rs.205 TARGET PRICE: Rs. 244
TECHNICAL OUTLOOK
Stock had fallen from the highs of 280 to the levels of 135.
It has absorbed the selling by spending the considerable time between
the levels of 135-175 levels. (CHART)
It moved the trading range and tested 200 on the upside.
Stock has retraced some of its gains to test 175.
It has made the Cup and saucer pattern which is bullish in medium to
long term.
Technical indicators on weekly basis indicate the bottoming process is
done, and stock can show good upside movement from here on.
Volatility bands have narrowed down, indicating the trading range to
broaden up. We are expecting on the upside.
Multiple closes above the levels of 204 can move the stock to
minimum levels of 225 and 244.
RECOMMENDATION
We remain positive on the stock with medium to long term
perspective.
Hence we recommend Buying 50% at current level for the upside of
225 and 244. Rest 50% to be bought at 175 levels.
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