Buy Hanung Toys for target of Rs 295: IIFL

MUMBAI: IIFL has advised traders to buy Hanung Toys for target of Rs 295.

“On Tuesday, the stock advanced by over 9% suggesting continuation of an intermediate uptrend. Moreover, the swift movement in the stock over the last few trading sessions is backed by high volumes. The stock has broken out from the overall base-like pattern during the past two weeks.

In fact, the last couple of trading sessions represents a high level bullish congestion area around its 50-DMA between Rs 252-254. Based on the above-mentioned technical evidences, we recommend traders to buy the stock above Rs 279 with stoploss of Rs 273 for target of Rs 295,” the report said.

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