Buy BF Utilities; target of Rs 805: GEPL Capital

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Buy BF Utilities; target of Rs 805: GEPL Capital

GEPL Capital is bullish on BF Utilities and has recommended buy rating on the stock with a target of Rs 805 in its June 17, 2011 research report.

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GEPL Capital is bullish on BF Utilities and has recommended buy rating on the stock with a target of Rs 805 in its June 17, 2011 research report.

"Nifty is near the Make or Brake level of 5400 & sustained breach of this level will force Nifty to dip near 5100 level. Until, 200- EMA level of 5610 is cleared on upside, the momentum favors strong downward momentum. In this scenario, certain mid-cap stocks are showing bottoming out structure & if the desired breakout is seen in these stocks, a sharp uptrend will be witnessed. This time, we are recommending BF Utility for short term investment purpose."

"A bounce back was witnessed from Rs 622 which pushed the stock near Rs 1140 levels followed by a downtrend. On weekly chart, Triple Bottom formation is seen near Rs 645 levels and currently stock is trading in the range of Rs 730 - 720. The above mentioned downfall mentioned from 1480 to 622 has formed a triangular pattern and moving near the convergence of trend lines of the triangle. Upward breakout at 760 will be an earlier sign of beginning of a fresh uptrend and breakout is placed at Rs 780 levels on closing basis. The 200-EMA level of Rs 805 is first target and recent high near 885 is next target for buying positions in this stock. The triple bottom structure of 645 can be treated as a stop loss for this buying recommendation."

"Buying is recommended in this stock between Rs 730 - 720 in cash segment with a stop loss of 645, for the targets of Rs 805 and 885 respectively. The time frame for this trading buying position is of 1 month. Partial profit booking is recommended at 1st target of Rs 805 and thereafter, the stop loss can be revised to Rs 725 levels for remaining buying position, till the next target is achieved at Rs 885," says GEPL Capital research report. 

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