Buy Alstom Projects; target of Rs 685: RR Financial

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Buy Alstom Projects; target of Rs 685: RR Financial

RR Financial Consultants has recommended buy rating on Alstom Projects with a target of Rs 685, in its December 14, 2009 research report.

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RR Financial Consultants has recommended buy rating on Alstom Projects with a target of Rs 685, in its December 14, 2009 research report.

"Technically, the counter has been witnessing a rangebound movement since last couple of months, after bottoming out at 313 level. Daily chart of the past two weeks in suggests consolidation in the counter, which signals further upside rally. Recently it has given a breakout above the crucial resistance level of 555-60 and now currently trading at 575 levels. The stock is showing strength along with the momentum and consistent volumes, and given the positive oscillators set-up, the stock could outperform as long as it sustains above shortterm moving averages. In daily charts it is trading well above the crossover of 9 & 18 days WMA as well as 50 days SMA indicating the bullish trend to continue in the short as well as medium term. 14 days RSI is trading with upward bias at 71 level indicating the counter is heading towards overbought zone which may bring some correction in prices in the near term. MACD and stochastic also giving bullish indications."

"On weekly charts the trend is looking positive. On monthly chart, a bullish engulfing candlestick supports the positive trend in the medium term. Now immediate resistance is placed at 590 level. A confirmatory breakout above this level will take the counter to the higher levels of 68510. We hold positive view for the stocks in the medium to long term.'Buy' with a target of Rs 685," says RR Financial Consultants.

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To read the full report click on the attachment