Buy Greaves Cotton for a target of Rs 196: India Infoline

MUMBAI: India Infoline has advised high risk appetite traders to buy Greaves Cotton for a target of Rs 196.

���On the daily chart, Greaves Cotton has given an upside breakout. Yesterday, the stock breached the resistance levels of Rs 169-170 convincingly on high volumes. Since August 2009, the stock had been moving in a range of Rs 124-169. The stock has staged a smart rebound from its August 2009 low of Rs 124. In our view, the stock has formed a medium term bottom and the pullback is likely to take the stock up to the levels of Rs 200. Based on the above-mentioned evidences, we recommend traders with high risk appetite to buy the stock at current levels and up to the levels of Rs 185 for a target of Rs 196. A stoploss of Rs 175 is recommended on all long positions,��� said the technical report.

Note: The above recommendation is a short-term trading idea for a time period of 1-3 days.