Can buy Rohit Ferro at current levels: Devang Visaria

ET Now spoke to Devang Visaria, Chief Strategist for a technical check on the ferro stocks.

Rohit Ferro, any thoughts on why the ferro stocks are moving?

Technically, we have always been bullish on Rohit Ferro for at least past couple of months and once or twice, we have recommended it on this midcap segment also. Stock is showing some signs of momentum picking up right now.

Looking at the medium term setup, this stock has a target of closer to 70 with possible 1 to 1.5 month horizon. Downsides look capped at around 48-47 levels. So you could possibly buy 50% quantity at these levels.

Again if you get a dip to around 50, you could accumulate it again but very strong possibility of a target of 70-75 and good risk reward ratio from these levels, stop loss below 47, targets of 75