Buy Berger Paints; target of Rs 122; IIFL

“Berger Paints, after crossing over above its 100-DMA and in first week of November 2011, the stock has rallied thereafter with impressive volumes. On Wednesday, the stock rallied in a weak market above the critical resistance levels of Rs111. A detailed study of Berger Paints, shows a breakout pattern of rounded bottom on the daily chart, signaling temporary bottom. The overall base-like pattern carved out by the stock during the past eight weeks appears to be maturing now. In fact, the last couple of sessions it represents a high level bullish congestion area between Rs 106-112. Based on above technical evidences, we recommend buying the stock above Rs112 with stop loss of Rs 108 for target of Rs 122. (Duration 4 days),” says IIFL research report.

FIIs holding more than 30% in Indian cos

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