Buy Onmobile Global for target of Rs 350: IIFL

MUMBAI: IIFL has advised traders to buy Onmobile Global for target of Rs 350.

“On the daily charts, Onmobile Global gave an upside breakout in Wednesday’s trading session. After breaking out on Tuesday above its 100-DMA with impressive volumes the stock sustained above its critical moving average yesterday.

We continue to remain positive on the stock from technical perspective as the stock has managed to hold on to its short-term support trendline in ongoing market volatility.

The other supportive technical oscillators are positive and the upmove may extend to the levels of Rs 350. It is advisable to maintain a stoploss of Rs 324 on all long positions,” the report said.

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