Buy Garware Offshore for target of Rs 149: IIFL
IIFL has advised traders to buy Garware Offshore for target of Rs 149.
By ET Bureau |
MUMBAI: IIFL has advised traders to buy Garware Offshore for target of Rs 149.
“Garware Offshore has recently given breakout from falling resistance line on Friday’s trading session as prices successfully closed above Rs 137 with increase in volumes.
Prior to breakout, prices hovered in the narrow range of Rs 122-137 with its 50-DMA (Rs 136) acting as a stiff hurdle. Now that the prices have crossed above the 50-DMA, it is likely to turn into a support.
We expect the stock to continue its short-term uptrend to test levels of Rs 149 which correspond to 100 DMA. MACD is signaling a positive crossover which also enhances scope for a bounce back to re-test its reference line from below. We advise buying stock in the range of Rs 137-140 with stoploss of Rs 133.75 for target of Rs 149,” the report said.
Note: Trading idea valid for time-period of 1-3 days.
“Garware Offshore has recently given breakout from falling resistance line on Friday’s trading session as prices successfully closed above Rs 137 with increase in volumes.
Prior to breakout, prices hovered in the narrow range of Rs 122-137 with its 50-DMA (Rs 136) acting as a stiff hurdle. Now that the prices have crossed above the 50-DMA, it is likely to turn into a support.
We expect the stock to continue its short-term uptrend to test levels of Rs 149 which correspond to 100 DMA. MACD is signaling a positive crossover which also enhances scope for a bounce back to re-test its reference line from below. We advise buying stock in the range of Rs 137-140 with stoploss of Rs 133.75 for target of Rs 149,” the report said.
Note: Trading idea valid for time-period of 1-3 days.
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