IIFL is bullish on BF Utilities and has recommended buy rating on the stock with a target of Rs 429 in its February 7, 2012 research report.
"On Monday, BF Utilities broke past its stiff resistance of 100-DMA. Daily chart suggests formation of distinctive pattern this is most likely to result into a short-term rally in the counter. We believe that the current breakout is likely to lead to a potential upside up to the levels of Rs430 and above. Momentum oscillators are also exhibiting strength in the upmove. We expect the stock to remain in the momentum as long as it sustains above its 100-DMA. We recommend traders to buy the stock above Rs 408 with stop loss of Rs 399 for a target of Rs 429. (Duration 5 days)," says IIFL research report.
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