Buy Peninsula Land for target of Rs 74: IIFL

MUMBAI: IIFL is of the view that Peninsula Land has given a breakout from falling resistance line after price close above Rs 67 with three fold increase in volumes. It has advised traders to buy the stock for target of Rs 74.

“Peninsula Land has given a breakout from falling resistance line after price close above Rs 67 with three fold increase in volumes. However, analysing the long term chart, the stock has multiple peak resistance in the range of Rs 73-74 which needs to be taken out in order to move up smoothly.

On the oscillator front positive crossover is seen RSI providing better risk reward ratio after prices closed above the Rs 67. We advise buying the stock above Rs 69 with stop-loss of Rs 66.50 for an initial target of Rs 74,” the report said.

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