Buy Electrosteel Castings for target of Rs 51:India Infoline

MUMBAI: India Infoline has advised traders to buy Electrosteel Castings for a target of Rs 1390.

“Electrosteel Castings has seen a severe correction from the levels of Rs 55 in January 2010 to a low of Rs 44.20 last week. This was a panic bottom and the stock rallied higher without a retest of this low. Yesterday, the stock rallied after crossing the 13-DMA.

The upmove was accompanied with heavy volumes. We expect the stock to rally in the medium term. Traders can buy the stock in the range of Rs 46-47 for a target of Rs 51. It is advisable to maintain a stoploss of Rs 45,” the report said.

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