Buy ABG Shipyard; target of Rs 390: IIFL

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Buy ABG Shipyard; target of Rs 390: IIFL

IIFL is bullish on ABG Shipyard and has recommended buy rating on the stock with a target of Rs 390 in its July 6, 2011 research report.

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IIFL is bullish on ABG Shipyard and has recommended buy rating on the stock with a target of Rs 390 in its July 6, 2011 research report.

"ABG shipyard has broken out above the neckline of inverted head and shoulder pattern on yesterdays trading session after stock closed above Rs 370 with good volumes. Apart from breakout on the short term charts, the long term consolidation in the counter has ended after a resistance line extended from yearly peak of Rs 520.9 was also penetrated in the process. This price action projects immediate target in the stock at Rs 435 in the near term. We advise buying stock above Rs 375 with stop loss of Rs 367.5 for target of Rs 390," says IIFL research report.

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