Buy Great Offshore for target of Rs 470: IIFL

MUMBAI: IIFL has advised traders to buy Great Offshore for target of Rs 470.

“Great Offshore has been trading sideways in range of Rs 424-464 since May 10 depicting a triangle pattern in intermediate term. Several times, the stock attempted to sustain above its long term averages of 200-DMA but soon turned out to be a whipsaw as volumes failed to ignite a momentum.

Wednesday's closing above Rs 440 with volumes greater than 10-DMA indicate strength in the counter with breakout confirmation on line chart accompanied by prices sustaining above 50-DMA. We advise buying the stock above Rs 445 with stoploss of Rs 433 for target of Rs 470,” the report said.

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