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Sep 13, 2010, 12.29 PM IST | Source: Moneycontrol.com

Buy Core Projects & Technologies; target of Rs 321: IIFL

IIFL is bullish on Core Projects & Technologies and has recommended buy rating on the stock with a target of Rs 321 in its September 13, 2010 research report.

IIFL is bullish on Core Projects & Technologies and has recommended buy rating on the stock with a target of Rs 321 in its September 13, 2010 research report.

Core Projects & Technologies has signaled breakout on medium term chart above ascending resistance line after prices gapped up on Friday above Rs 288 and managed to close above the same. With medium term price pattern resembling to an inverted head and shoulder structure, it paves way for sharp upside of 8- 10% from current levels. Volumes so far has failed to pick on Friday as prices opened significantly higher and then entered into consolidation zone. Another positive indication support our buying argument is bullish crossover in MACD above the reference line which could ignite buying momentum in near term and also yet to another any overbought position. We advise buying stock in the range of Rs 293- 297 with stop loss of Rs 284 for target of Rs 321, says IIFL research report.

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