IIFL is bullish on GAIL India and has recommended buy rating on the stock with a target of Rs 392 in its January 27, 2012 research report.
"GAIL India has been showing positive divergence since last couple of weeks and with stock trading into extreme oversold terrain a smart pullback remains on cards. The 10-DMA which is currently acting as major resistance has been acting like trend like resistance and yesterday good delivery based buying was visible at current levels. A move past Rs 372 should reinforce buying momentum in the counter to take it to levels of Rs 395 in the near term. We recommend buying Gail above Rs 372 with stop loss of Rs 362 for target Rs 392. (Duration 7 days)," says IIFL research report.
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