Buy BASF; target of Rs 525: IIFL

"On the weekly chart, the stock has given a breakout on the upside from a rounding bottom formation. The stock had been on a well entrenched downtrend from the peak of Rs 461 in January 2010 to a low of Rs 342 in April 2010. Since then, the stock has created a base around the levels of Rs 350 and bounced back from it on multiple occasions. On Wednesday, the stock gave a close above its key resistance levels of Rs480. Keeping in mind, the above mentioned evidences, we recommend traders to buy the stock above Rs 499 with stop loss of Rs 490 for target of Rs 525," says IIFL research report.

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