Buy Cairn India between Rs 244 and Rs 252. Stoploss at Rs 234 ::HDFC Sec, report

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Observation: Carin India has broken out today of its recent narrow trading range between the 228 and 250 levels. The stock was trading within this range for the last few weeks. Today’s breakout was accompanied with higher than average volumes, indicating that there was significant accumulation. Technical indicators are giving positive signals as the stock trades above the short term (13 day SMA) and medium term (50-day SMA) moving averages. Momentum indicators like the 14-day RSI too are in rising mode and not yet overbought. The 14-day RSI is also above its 9-day EMA, which is a healthy signal for the stock. The stock is also looking attractive on the weekly and monthly charts as it has started rising after the sharp fall seen recently. Given the positive technical set up, we believe the stock has the potential to move higher in the coming days. Our upside target is Rs.290. Our entry levels along with the stop loss is given above.

LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3011138