Buy Andhra Bank; target of Rs 160: IIFL

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Buy Andhra Bank; target of Rs 160: IIFL

IIFL is bullish on Andhra Bank and has recommended buy rating on the stock with a target of Rs 160 in its March 31, 2011 research report.

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RELATED NEWS Buy Corporation Bank; target of Rs 722: SKP Securities Buy India Glycols; target of Rs 149: Bonanza Buy Indraprastha Gas; target of Rs 357: Asit C. Mehta ALSO READ See previous views by IIFL See what other Experts & Brokerages are saying about Andhra Bank See messages about Andhra Bank Andhra Bank BSE | NSE 31/05/12 Are Mutual Funds betting on Andhra Bank?

IIFL is bullish on Andhra Bank and has recommended buy rating on the stock with a target of Rs 160 in its March 31, 2011 research report.

"Andhra Bank has given an upside breakout after consolidating in rounding bottom formation which resembles bullish structure. Also, yesterday the stock gave a close above its 200- DMA for the first time since February 2011. Breakout is also seen in daily RSI after formation of rounding bottom, this provide supplementary evidence of sustainable up move in the counter and stock is likely to head towards Rs 165 in the medium term. We advise buying the stock above Rs 153 with stop loss of Rs 150 for an immediate target of Rs 160," says IIFL research report. 

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