Buy Hind Oil Exploration for target of Rs 305: India Infoline

MUMBAI: India Infoline has advised traders to buy Hind Oil Exploration for target of Rs 305.

“In our view, Hind Oil Exploration has completed its downfall and has created a medium term support around the levels of Rs 245. From the current level, the stock can only move towards one direction, i.e. upwards. The daily RSI has also given a positive divergence, indicating that price would start moving up. On the daily chart, formation of higher bottom is also seen.

After creating a base around Rs 245-255, the stock has moved up steadily. Moreover, it has broken a downward-sloping trend line since October 2009. We expect the stock to attempt the levels of Rs 300 and higher in the near term. Based on the above evidences, we recommend traders to buy the stock at current levels and on declines up to the levels of Rs 277 with the support of Rs 270 for a target of Rs 305,” the report said.

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