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Buy Bharat Forge; target of Rs 340: Aditya Birla Money
Aditya Birla Money is bullish on Bharat Forge and has recommended buy rating on the stock with a target of Rs 340 in its June 14, 2011 research report.
Aditya Birla Money is bullish on Bharat Forge and has recommended buy rating on the stock with a target of Rs 340 in its June 14, 2011 research report.
"Bharat Forge is testing formidable support at Rs 300 formed with the convergence of prior top, intermediate and short term swing lows. A Hammer Pattern formed in yesterday's session at such crucial support further validates the same. A breach of Hammer high above Rs 312 would lead to breach of falling trend line of last few weeks indicating that the short term down trend has now reversed and prices could edge higher towards Rs 330-340 levels."
"Weekly Momentum is turning at oversold zone adding strength to our view that the support at Rs 300 is likely to hold. Small bodied candles getting formed since last fews are also indicating that the Bears seem to have got tired. Buy Bharat Forge above Rs 312 for a target of Rs 340 with stop placed below Rs 300 on closing basis," says Aditya Birla Money research report.
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