Buy 3i Infotech for target of Rs 69: IIFL
3i Infotech has given a breakout from the downward sloping resistance line on the daily chart after it around its 100-DMA with sporadically high volumes on Tuesday.
By ET Bureau |
MUMBAI: IIFL has advised traders to buy 3i Infotech for target of Rs 69.
“3i Infotech has given a breakout from the downward sloping resistance line on the daily chart after it around its 100-DMA with sporadically high volumes on Tuesday. Weekly chart shows a breakout from a falling wedge pattern.
Such back to back confirmation on short term and medium term chart supports our buying argument at current levels and provides better risk-reward ratio. Based on above technical analysis, we recommend traders to buy the stock above Rs 64.70 with stop-loss of Rs 63 for target of Rs 69,” the report said.
Note: Trading idea valid for time-period of 1-3 days.
“3i Infotech has given a breakout from the downward sloping resistance line on the daily chart after it around its 100-DMA with sporadically high volumes on Tuesday. Weekly chart shows a breakout from a falling wedge pattern.
Such back to back confirmation on short term and medium term chart supports our buying argument at current levels and provides better risk-reward ratio. Based on above technical analysis, we recommend traders to buy the stock above Rs 64.70 with stop-loss of Rs 63 for target of Rs 69,” the report said.
Note: Trading idea valid for time-period of 1-3 days.
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