Buy REC for target of Rs 362: IIFL
As lows of the bullish candle is so far holding well despite volatile markets, a bounce back is expected to continue from the support of 50-DMA which corresponds at levels of Rs 339.
By ET Bureau |
MUMBAI: IIFL is of the view that REC has advanced with spurt in volumes with formation of bullish candlestick. It has recommended traders to buy the stock for target of Rs 362.
“REC had been on a declining curve from its October peak of Rs 413. Last Friday, the stock advanced with spurt in volumes with formation of bullish candlestick.
As lows of the bullish candle is so far holding well despite volatile markets, a bounce back is expected to continue from the support of 50-DMA which corresponds at levels of Rs 339.
RSI too has given a positive divergence which suggests positive momentum. Based on the above mentioned technical evidences, we recommend traders to buy the stock between Rs 347-350 with stop-loss of Rs 341 for target of Rs 362,” the report said.
NOTE: Trading idea valid for time-period of 1-3 days.
“REC had been on a declining curve from its October peak of Rs 413. Last Friday, the stock advanced with spurt in volumes with formation of bullish candlestick.
As lows of the bullish candle is so far holding well despite volatile markets, a bounce back is expected to continue from the support of 50-DMA which corresponds at levels of Rs 339.
RSI too has given a positive divergence which suggests positive momentum. Based on the above mentioned technical evidences, we recommend traders to buy the stock between Rs 347-350 with stop-loss of Rs 341 for target of Rs 362,” the report said.
NOTE: Trading idea valid for time-period of 1-3 days.
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