8944 Investors following Alstom Projects. Share this News with them.
0
Like this story, share it with millions of investors on M3
Buy Alstom Projects; target of Rs 590: Aditya Birla Money
Aditya Birla Money is bullish on Alstom Projects and has recommended buy rating on the stock with a target of Rs 590 in its June 20, 2011 research report.
Aditya Birla Money is bullish on Alstom Projects and has recommended buy rating on the stock with a target of Rs 590 in its June 20, 2011 research report.
"Alstom Projects has been trading mixed and consolidating below the resistance level of Rs 590 over the last few weeks. Momentum in the short-term oscillators is mixed to weak while the Stochastic (25/13/13) is gradually regaining momentum indicating significant bottom has been put in place at the May low of Rs 535 and the intermediate-term trend is up. Since the stock is also positioned at an important support level of Rs Rs 556 which is formed by the convergence of 61.8% Fibonacci retracement and the lower end of a falling channel it is possible that the stock could see a turnaround and trade firm towards 590 and higher in the forthcoming sessions."
"However a break above Friday's high of Rs 566 is required to confirm the same and turn the sentiments positive. Until then the sentiment is considered to be weak and finds next support near Rs 547 on any further dips. Buy only above Rs 566, with a closing SL of Rs 550, for a possible target of Rs 590/600," says Aditya Birla Money research report.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management.Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
