Buy IVRCL Infra for target of Rs 172: IIFL
On Tuesday, IVRCL Infra surged sharply on impressive volumes above its critical resistance levels of Rs 163-164.
By ET Bureau |
MUMBAI: IIFL has advised traders to buy IVRCL Infra for target of Rs 172.
“On Tuesday, IVRL Infra surged sharply on impressive volumes above its critical resistance levels of Rs 163-164. It now faces a resistance at Rs 172 levels, around where clutches of moving averages are coinciding. The stock should have a minimum upside till that level.
Our argument is further validated after the stock gave an upside breakout on Tuesday’s session as the price broke through the neckline of an inverted Head & Shoulders formation. We recommend traders with high risk appetite to buy the stock between Rs 165-166 with stop-loss of Rs 162 for target of Rs 172,” the report said.
Note: Trading idea valid for time-period of 1-3 days.
“On Tuesday, IVRL Infra surged sharply on impressive volumes above its critical resistance levels of Rs 163-164. It now faces a resistance at Rs 172 levels, around where clutches of moving averages are coinciding. The stock should have a minimum upside till that level.
Our argument is further validated after the stock gave an upside breakout on Tuesday’s session as the price broke through the neckline of an inverted Head & Shoulders formation. We recommend traders with high risk appetite to buy the stock between Rs 165-166 with stop-loss of Rs 162 for target of Rs 172,” the report said.
Note: Trading idea valid for time-period of 1-3 days.
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