May 10, 2011, 11.42 AM IST | Source: Moneycontrol.com

Buy Everest Kanto; target of Rs 86: Aditya Birla Money

Aditya Birla Money is bullish on Everest Kanto Cylinder and has recommended buy rating on the stock with a target of Rs 86 in its May 10, 2011 research report.

Aditya Birla Money is bullish on Everest Kanto Cylinder and has recommended buy rating on the stock with a target of Rs 86 in its May 10, 2011 research report.

Everest Kanto Cylinder, prices traded firm and bounced back sharply from the support at the lower end of rising channel near Rs 75 in yesterdays session. The 14-day RSI is regaining momentum while the very short-term Stochastic (5/3/3) has made a bullish crossover and is turning up from the oversold territory. As the current reversal has happened at the lower Bollinger Band (20/2) it could extend and test the middle band near 84 in the short-run. Sustenance above it could extend the gains towards Rs 90 levels subsequently.

On the lower side, immediate support is seen at 78 and then at the lower end of aforesaid channel near Rs 75. Only an early break below the latter will turn the sentiments weak negating the expected recovery. Buy initially above Rs 80.50 and then on dips to Rs 78, with a stop loss of Rs 76 for a possible target of Rs 86, says Aditya Birla Money research report.

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