Traders call:Buy Chennai Petro for target of Rs 130

MUMBAI: Arihant Capital Market is bullish on Chennai Petro and has advised traders to buy the stock for target of Rs 130 per share.

���The stock closed at Rs 118 on Friday. It has made a 52-week low at Rs 78 and 52-week high of Rs 408. Its 14 Days Moving Average is at Rs 115. On the daily charts, the stock is in buy on RSI and its 14-days RSI is currently at 61 (above 50 is consider to be in strong hands).

Chennai Petro is looking strong on daily chart and has formed a trend reversal pattern on EOD chart. One can buy it at Rs 118 with closing below stop loss of Rs 108 for a target price of Rs 130,��� the brokerage said.