IIFL is bullish on Crompton Greaves and has recommended buy rating on the stock with a target price of Rs 138 in its January 5, 2012 research report.
"Crompton Greaves has given a breakout from the downward sloping resistance line on the daily chart for the first time since October 2011. On Wednesday, the stock sustained above its downward sloping breakout trendline, suggesting strength in the counter and any move past Rs 130 is likely to accentuate buying momentum in the near term. RSI too has bounced back from the support levels of 50 which favors risk reward ratio on the bullish side. Also, the stock had been consolidating around its 50-EMA since last one week, suggesting strength in Wednesday upmove. We recommend high risk traders to buy the stock above Rs 130 with stop loss of Rs 126 for Target of Rs 138. (Duration 5 days)," says IIFL research report.
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