Buy ICSA for target of Rs 155: IIFL
IIFL has advised traders to buy ICSA for target of Rs 155.
By ET Bureau |
MUMBAI: IIFL has advised traders to buy ICSA for target of Rs 155.
“ICSA is pointing to continued strength in the weeks to come as it has broken a downward-sloping trend line since early-January 2010. A detailed study of the daily chart shows that the stock has corrected from the high of Rs 191 to touch a low of Rs 112 in May 2010.
On Monday, the stock staged a smart breakout past the downward sloping trendline. This bullish breakout signals the end of the intermediate downtrend, which is further verified with the buy signal in the RSI.
A sustained rally past the levels of Rs 146 could see the stock attempting its 200-DMA (Rs 162). We recommend traders to buy the stock in the range of Rs 144-146 with a stoploss of Rs 139 for an initial target of Rs 155,” the note said.
Note: Trading idea valid for time-period of 1-3 days.
“ICSA is pointing to continued strength in the weeks to come as it has broken a downward-sloping trend line since early-January 2010. A detailed study of the daily chart shows that the stock has corrected from the high of Rs 191 to touch a low of Rs 112 in May 2010.
On Monday, the stock staged a smart breakout past the downward sloping trendline. This bullish breakout signals the end of the intermediate downtrend, which is further verified with the buy signal in the RSI.
A sustained rally past the levels of Rs 146 could see the stock attempting its 200-DMA (Rs 162). We recommend traders to buy the stock in the range of Rs 144-146 with a stoploss of Rs 139 for an initial target of Rs 155,” the note said.
Note: Trading idea valid for time-period of 1-3 days.
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