Buy BEML for target of Rs 1080: IIFL

MUMBAI: IIFL has advised traders with high risk appetite to buy BEML for target of Rs 1080.

“BEML has seen a rally from the support zone of around Rs 980-983 and has managed to cross the critical resistance levels of Rs 1005-1010 with impressive volumes. It has formed a immediate bottom around the above mentioned levels.

Volumes accompanying the breakout are encouraging, thereby adding confirmation to the bullish outlook. MACD is in positive zone and has given a bullish crossover. The weekly RSI is exhibiting positive divergence. Based on the above-mentioned technical evidences, we recommend traders with high risk appetite to buy the stock above Rs 1020 for a target of Rs 1080. A stop loss of Rs 995 should be maintained on all long positions,” IIFL report said.

(Note: Trading idea valid for time-period of 1-3 days)