IIFL is bullish on Finolex Cables and has recommended buy rating on the stock with a target of Rs 53, in its June 28, 2010 research report.
"Recent price behavior of Finolex Cables from the month of May 2010 till date has been oscillating in narrow channel having a positive slope. Prices have violated the resistance line, which coincides with 200-EMA in Friday's trade. Previously, the stock had made several attempts in last three weeks to close above its 200-EMA. Thus this breakout should be viewed as positive move accompanied by higher than average volumes. We advise buying the stock at current levels with stop loss of Rs48.5 for target of Rs 53," say IIFL research report.
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