Buy Coal India; target of Rs 360: IIFL

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Buy Coal India; target of Rs 360: IIFL

IIFL is bullish on Coal India and has recommended buy rating on the stock with a target of Rs 360 in its February 7, 2012 research report.

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IIFL is bullish on Coal India and has recommended buy rating on the stock with a target of Rs 360 in its February 7, 2012 research report.

"Coal India has been trading near the support of 100 DMA and has been maintaining its sequence of higher tops and higher bottom. At lows near Rs316, stock formed a classic 'bullish harami' confirmed trend reversal and currently prices has convincingly closed above the peak of that pattern which is at Rs327. In fact, applying the change of polarity rule the resistance has been converted into support and is sooner followed with sharp rally towards Rs 365. We recommend buying Coal India above Rs 333.5 with stop loss of Rs 320.5 for target of Rs 360.(Duration 7 days)," says IIFL research report. 

FIIs holding more than 30% in Indian cos   

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