Buy Praj Industries for target of Rs 82: IIFL

MUMBAI: IIFL has advised traders to buy Praj Industries for a target of Rs 82.

“Praj Industries already has corrected almost 23% from intermediate peak and declined in structure of five impulse waves down. The recent price activity suggests that stock is able to hold its short term-low of Rs 75 for quite some time now.

We expect a short-term bounce back in the form of 38.2% retracement to Rs 84 levels. Classical Tweezer bottom pattern is visible on the daily chart with volume activity shrinking in second bottom.

The stock is also placed at a support range of Bollinger which provides better risk reward ratio with conservative target placed at Rs 82. We advise traders to keep a stop loss of Rs 75 on every long position,” the report said.

Note: The trading idea valid for a time period of 1-3 days.