Buy Essar Oil; target of Rs 130: IIFL

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Buy Essar Oil; target of Rs 130: IIFL

IIFL is bullish on Essar Oil and has recommended buy rating on the stock with a target of Rs 130 in its July 14, 2011 research report.

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IIFL is bullish on Essar Oil and has recommended buy rating on the stock with a target of Rs 130 in its July 14, 2011 research report.

"Essar Oil has been trading above the breakout point of Rs 126 for three consecutive trading sessions with volume expansion. The 100 DMA for the stock is placed at Rs 124.5 which becomes a very solid support and any lower opening towards these levels becomes good buying opportunity. The global crude prices have been trading higher which supports buying argument in the stock. The three black candles in previous trading session have failed to close below the 20 DMA which exhibits strength in the counter. We advise buying stock in the range of Rs 124.5- 125 with stop loss of Rs 122.5 for target of Rs 130. (Duration 5 days)," says IIFL research report.

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