Buy Shiv-Vani Oil for target of Rs 375: India Infoline

MUMBAI: India Infoline has advised traders to buy Shiv-Vani Oil for target of Rs 375.

On the daily chart, Shiv-Vani Oil has given an upside breakout. The above mentioned pattern has taken place after a consolidation between the range of Rs 322-347 since December 2009. From the current levels, the stock is expected to move northwards.

The momentum oscillators like the daily RSI has given a positive divergence, indicating that price would start moving up. On Wednesday, the stock gave a close above its key resistance levels of Rs 345-347. We recommend traders to buy the stock between the levels of Rs 348-354 with a stoploss of Rs 338 for a target of Rs 375 and Rs 380,” the report said.

Note: Trading idea valied for time period of 1-3 days.