Buy Edserv Softsystems for target of Rs 217: IIFL
It has broken out from a consolidating triangle on Wednesday as prices penetrated descending trendline resistance prevailing at Rs 204.
By ET Bureau |
MUMBAI: IIFL has advised traders to buy Edserv Softsystems for target of Rs 217.
“Edserv Softsystems has broken out from a consolidating triangle on Wednesday as prices penetrated descending trendline resistance prevailing at Rs 204, which co-incides with its 100-DMA.
Volumes have jumped impressively in yesterday’s trading session. Positive crossover from MACD and RSI also support argument for better risk reward ratio from current levels. Based on above evidences, we recommend buying the stock above Rs 205 with stoploss of Rs 200 for target of Rs 217,” the report said.
Note: Trading idea valid for time-period of 1-3 days.
“Edserv Softsystems has broken out from a consolidating triangle on Wednesday as prices penetrated descending trendline resistance prevailing at Rs 204, which co-incides with its 100-DMA.
Volumes have jumped impressively in yesterday’s trading session. Positive crossover from MACD and RSI also support argument for better risk reward ratio from current levels. Based on above evidences, we recommend buying the stock above Rs 205 with stoploss of Rs 200 for target of Rs 217,” the report said.
Note: Trading idea valid for time-period of 1-3 days.
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