IIFL is bullish on Great Offshore and has recommended buy rating on the stock with a target of Rs 414 in its December 3, 2010 research report.
"GT Offshore has been consolidating in narrow range of Rs 350-384 since last couple of weeks. However after yesterdays close above Rs 384, a range breakout is seen on the upside which is likely to act as trigger for sharp up move in the counter. With MACD signaling bullish crossover and prices closing above the 50DMA , the authenticity of the rally increases and also provides better risk reward ratio from the current levels. Immediate resistance is seen at Rs 416 which corresponds to the 200 DMA and above which stock should head towards Rs 477. We advise buying stock above Rs 389 with stoploss of Rs 378 for target Rs 414, says IIFL research report.
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