Buy HCL Technologies for target of Rs 427: IIFL
After forming a ‘bullish engulfing’ pattern on candlestick on 18th Aug 2010, prices have been trading sideways.
By ET Bureau |
MUMBAI: IIFL has advised traders to buy HCL Technologies for target of Rs 427.
“After forming a ‘bullish engulfing’ pattern on candlestick on 18th Aug 2010, prices have been trading sideways with candles taking shapes of multiple ‘doji star’. Such a sideways movement resembles consolidation within an intermediate uptrend in the counter.
Yesterday’s volume action in the counter was quiet encouraging and has crossed above its last three day average. RSI also exhibits strength in the short term and has been successful in holding above the levels of 50. We advise buying stock above Rs 415 with stoploss of Rs 409 for target of Rs 427,” the report said.
Note:Trading idea valid for time-period of 1-3 days.
“After forming a ‘bullish engulfing’ pattern on candlestick on 18th Aug 2010, prices have been trading sideways with candles taking shapes of multiple ‘doji star’. Such a sideways movement resembles consolidation within an intermediate uptrend in the counter.
Yesterday’s volume action in the counter was quiet encouraging and has crossed above its last three day average. RSI also exhibits strength in the short term and has been successful in holding above the levels of 50. We advise buying stock above Rs 415 with stoploss of Rs 409 for target of Rs 427,” the report said.
Note:Trading idea valid for time-period of 1-3 days.
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