Buy PFC for target of Rs 323: IIFL

MUMBAI: IIFL has advised traders to buy PFC for target of Rs 323.

“PFC has signaled breakout from pennant formation above Rs 300 levels yesterday accompanied with expanding volumes.

So far, levels of Rs 295-300 was acting as stiff resistance as it corresponded to 3-year peak of Rs 297.5. However after yesterday’s upmove above Rs 300, the stock price is likely to surge towards the levels of Rs 330 in short span of time based on amplitude of pennant.

Oscillators like RSI also broke out from triangle consolidation while stock price has managed to close above the upper range of Bollinger band yesterday which is also likely to assist in building up buying momentum ahead. We would advise buying stock above Rs 302 with stoploss of Rs 296 for target of Rs 323,” the report said.

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