Buy Reliance Infrastructure Ltd., target Rs 585.0 : Tejal Shah

Tejal Shah of Edelweiss Financial Services has a buy call on Reliance Infrastructure Ltd. with a target price of Rs 585. The current market price of Reliance Infrastructure Ltd. is Rs 562.6. Time period given by analyst is Intra Day, when Reliance Infrastructure Ltd. price can reach defined target. Tejal Shah recommended to keep stop loss at Rs 539. The stock has hit a high of Rs 565.85 and low of Rs 557.10 so far in trade. The scrip has been moving above most of its crucial moving averages. Of late, it has taken support from its 20-day and 50-day moving average placed at Rs 549 and Rs 539 levels, respectively. The stock is trading at a P/E of 7.45 and a price-to-book value of 0.55.