Buy REC for target of Rs 333: IIFL
IIFL has advised traders to buy REC for target of Rs 333.
By ET Bureau |
MUMBAI: IIFL has advised traders to buy REC for target of Rs 333.
“REC has confirmed a “Rising Three Method” pattern on daily candlestick chart on Friday’s trading session accompanied with expansion in volumes as prices managed to close near days high.
Such pattern appearing after a breakout on line chart corroborate positive momentum in the counter with immediate resistance placed at Rs 335. Rising support line drawn from the trough of Rs 208 so far has been acting as strong area from where decent pullback is visible.
On broader chart, we see larger triangle being formed and close above Rs 322 is expected to signal breakout from the consolidating triangle. We recommend buying stock above Rs 322 with stoploss of Rs 317 for target of Rs 333,” the report said.
Note:Trading idea valid for time-period of 1-3 days.
“REC has confirmed a “Rising Three Method” pattern on daily candlestick chart on Friday’s trading session accompanied with expansion in volumes as prices managed to close near days high.
Such pattern appearing after a breakout on line chart corroborate positive momentum in the counter with immediate resistance placed at Rs 335. Rising support line drawn from the trough of Rs 208 so far has been acting as strong area from where decent pullback is visible.
On broader chart, we see larger triangle being formed and close above Rs 322 is expected to signal breakout from the consolidating triangle. We recommend buying stock above Rs 322 with stoploss of Rs 317 for target of Rs 333,” the report said.
Note:Trading idea valid for time-period of 1-3 days.
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