Buy Bhushan Steel for target of Rs 1465: India Infoline

MUMBAI: India Infoline has advised traders to buy Bhushan Steel for target of Rs 1465.

“On the daily chart, Bhushan Steel has made a tentative break of strong resistance line in the region of Rs 1370-1380. The event has occurred after the price bounced up off a key support line yesterday. Moreover, cluster of moving averages are placed around Rs1320 levels further validating our argument of a bullish congestion.

Any move past the levels of Rs 1380 is likely to trigger an upside in the near term. The daily RSI has also given a positive divergence, indicating that price would start moving up. Keeping in mind the above-mentioned observations, we suggest traders to buy the stock in the range of Rs 1350-1380 with a stoploss placed at Rs 1325 for a target of Rs 1465,” the report said.

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