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Buy Bajaj Hindusthan; target Rs 72.50: Aditya Birla Money
Aditya Birla Money is bullish on Bajaj Hindusthan and has recommended buy rating on the stock with a target of Rs 72.50-75 in its June 16, 2011 research report.
Aditya Birla Money is bullish on Bajaj Hindusthan and has recommended buy rating on the stock with a target of Rs 72.50-75 in its June 16, 2011 research report.
"Bajaj Hindusthan, prices after reversing from the recent low of 61 took resistance near 70 and have been consolidating below it subsequently. The 14-day RSI is moving flat near the equilibrium after rising from deep over sold zone while the MACD (12/26/9) has made a bullish crossover and is gradually regaining momentum. Adding to it the said consolidation seems to be forming a triangle which generally acts as a continuation pattern. Hence a break above the previous swing high (on hourly charts) at 69.55 could signal the resumption of positive tone and pave way for gains towards 72.50 levels and higher subsequently. On the downside, 67/65.85 zone is likely to provide good support on any immediate dips. Only an early break below it could extend the dips further towards 64 levels delaying the expected gains. Buy Bajaj Hindustan only above 69.55, with closing SL of 67 for possible target of 72.50 and 75," says Aditya Birla Money research report.
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