Buy Tata Metaliks for target of Rs 177: India Infoline

MUMBAI: India Infoline has advised traders to buy Tata Metaliks for target of Rs 177.

“On the daily chart, Tata Metaliks gave an upside breakout in Monday’s trading session. It suggests that the sideways range is about to end. On Monday, the stock rallied by over 3% confirming the bullish set up. The daily momentum oscillators i.e. RSI and MACD are suggesting strength in the upmove.

A move above Rs 164, could take the stock above Rs 175 in the near term. Keeping in mind the above-mentioned observations, we suggest traders to buy the stock in the range of Rs 159-164 with a stoploss placed at Rs 155 for an initial target of Rs 177,” the report said.

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