Buy GVK Power for target of Rs 46: India Infoline

MUMBAI: India Infoline has advised traders to buy GVK Power for target of Rs 46.

���Despite extreme volatility in the broader market, GVK Power has managed to hold on the support of its short-term trendline since first week of March 2009. On the upper side, it has faced stiff resistance around the levels of Rs 50 from first week of June 2009. On the weekly chart, the stock has formed a Hammer. The Bullish Hammer Pattern is a significant candlestick that occurs at the bottom of a trend or during a downtrend. The stock is trading well above its short-term moving averages. Based on the above analysis, we recommend traders to buy the stock between the levels of Rs 39-41 for an initial target of Rs 44. Maintain a stop-loss of Rs 37 on all long positions,��� said India Infoline report.

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