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Feb 22, 2012, 01.17 PM IST | Source: Moneycontrol.com

Buy Bombay Dyeing above Rs 474; target Rs 500: IIFL

IIFL is bullish on Bombay Dyeing and has recommended buy rating on the stock with a target price of Rs 500 in its February 22, 2012 research report.

IIFL is bullish on Bombay Dyeing and has recommended buy rating on the stock with a target price of Rs 500 in its February 22, 2012 research report.

“Bombay Dyeing (on the daily chart) gave an upside breakout in yesterday’s trading session. It suggests that the trading range between Rs465- 404 has ended and may reverse into an uptrend. Volumes have also shown phenomenal increase in last few trading sessions. With yesterday’s 2% rally, the stock has managed to sustain above its 20-DMA for third consecutive trading session, signifying strength in the medium term chart. Based on above technical evidences, we recommend traders to buy the stock above Rs 474 with SL of Rs 465 for target of Rs 500. (Duration 4 days),” says IIFL research report.

Non-Institutions holding more than 90% in Indian cos

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READ MORE ON  IIFL, Bombay Dyeing, Recommendation
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