BUY REC with a target at Rs 51: Manas Jaiswal

Manas Jaiswal recommends a buy rating on REC with a target price of Rs 51 and a strict stop loss placed at Rs 47.30 in intra-day trade. The stock has slipped 28 per cent so far in the calendar year 2016. The stock is looking bullish on the charts.

REC is a high beta stock (1.45) and is trading well below its 50-day, 100-day and 200-day moving averages at Rs 166.98, Rs 180.86, and Rs 216.65 respectively, as per data collated by ETMarkets.com. The stock is trading with a P/E of 2.96 and P/B of 0.66.