Buy Videocon Industries for target of Rs 288: IIFL

MUMBAI: IIFL is of the view that Videocon Industries’ sideways range is about to end and may reverse into an uptrend. It has advised traders to buy the stock for target of Rs 288.

“On the daily charts, Videocon Industries gave an upside breakout in Monday’s trading session. It suggests that the sideways range is about to end and may reverse into an uptrend. On Monday, the stock rallied by over 4% confirming the bullish set up.

We continue to remain positive on the stock from technical perspective as the stock has managed to hold on to its short-term support trendline in ongoing market volatility (placed at Rs 255). Moreover, the stock has given a close above its 20-DMA.

The other supportive technical oscillators are positive and the up move may extend to the levels of Rs 290. We recommend traders to buy the stock in the range of Rs 271-274 with a stop-loss of Rs 265 for a target of Rs 288,” the report said.

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