Buy Nitin Fires for target of Rs 375: IIFL
“In our view, Nitin Fires has completed its downfall and has created a immediate support around the levels of Rs 340-342."
By ET Bureau |
MUMBAI: IIFL has advised traders to buy Nitin Fires for target of Rs 375.
“In our view, Nitin Fires has completed its downfall and has created a immediate support around the levels of Rs 340-342. From the current level, the stock can only move towards one direction, i.e. upwards. The daily Stochastic has also given a positive divergence, indicating that price would start moving up.
On the daily chart, pattern of Multiple Bottom is also seen. It is a major reversal pattern that is formed after an extended downtrend. Yesterday’s pullback from the above mentioned support levels coincided with its 200-DMA. Based on the above evidences, we recommend traders to buy the stock above Rs 354 with stoploss of Rs 346 for a target of Rs 375,” the report said.
Note: Trading idea valid for 1-3 days.
“In our view, Nitin Fires has completed its downfall and has created a immediate support around the levels of Rs 340-342. From the current level, the stock can only move towards one direction, i.e. upwards. The daily Stochastic has also given a positive divergence, indicating that price would start moving up.
On the daily chart, pattern of Multiple Bottom is also seen. It is a major reversal pattern that is formed after an extended downtrend. Yesterday’s pullback from the above mentioned support levels coincided with its 200-DMA. Based on the above evidences, we recommend traders to buy the stock above Rs 354 with stoploss of Rs 346 for a target of Rs 375,” the report said.
Note: Trading idea valid for 1-3 days.
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