IIFL expects 18% upside in Federal Mogul Goetze

MUMBAI: IIFL is of the view that Federal Mogul Goetze is looking strong on the charts and can touch target of Rs 175 in medium term.

“The stock technically is a compelling buy for two reasons: Firstly, it is above its 200-DMA, and secondly, it is consolidating at the neckline of an inverted head & shoulders pattern. It sets the stock up for target of Rs175 in the medium term. Daily oscillators are also showing signs of an upward movement,” the report said.

At 12 pm, the stock was flat at Rs 148 on the NSE. It touched a high of Rs 149.40 and low of Rs 147 in trade so far.