Buy Lanco Infra for target of Rs 458: India Infoline
India Infoline has advised traders to buy Lanco Infra for an initial target price of Rs 458.
By ET Bureau |
MUMBAI: India Infoline has advised traders to buy Lanco Infra for an initial target price of Rs 458.
���On the daily chart, Lanco Infra has made a pennant formation. This pattern is characterized by a large volume spike in price over a few days followed by consolidation where price converges and volume diminishes. From the last week of July 2009, the stock is moving with the support of its short-term trendline around Rs 399-400. The daily RSI is already in strong buy mode. A move past the levels of Rs 437-438 could take the stock towards the levels of Rs 455 and higher in the short-term. Keeping in mind the above-mentioned evidences, we recommend high traders to buy the stock between the range of Rs 429-439 with a stop loss of Rs 421 for an initial target of Rs 458,��� said the technical report.
Note: Trading idea is valid for a time period of 1-3 days.
���On the daily chart, Lanco Infra has made a pennant formation. This pattern is characterized by a large volume spike in price over a few days followed by consolidation where price converges and volume diminishes. From the last week of July 2009, the stock is moving with the support of its short-term trendline around Rs 399-400. The daily RSI is already in strong buy mode. A move past the levels of Rs 437-438 could take the stock towards the levels of Rs 455 and higher in the short-term. Keeping in mind the above-mentioned evidences, we recommend high traders to buy the stock between the range of Rs 429-439 with a stop loss of Rs 421 for an initial target of Rs 458,��� said the technical report.
Note: Trading idea is valid for a time period of 1-3 days.
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