Buy Hanung Toys and Textiles: GEPL Capital

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Buy Hanung Toys and Textiles: GEPL Capital

GEPL Capital is bullish on Hanung Toys and Textiles and has recommended buy rating on the stock with a target of Rs 289 in its April 21, 2011 research report.

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GEPL Capital is bullish on Hanung Toys and Textiles and has recommended buy rating on the stock with a target of Rs 289 in its April 21, 2011 research report.

"Nifty is in the process to come out of the strong resistance level of 6000. In case of upward breakout of 6000 levels, the sector to watch is Mid-cap. The Mid-Cap sector index is showing 'Flag' Pattern on the daily charts suggesting fresh rally in this sector. The stock selected from this sector is Hanung Toys as a mid-term investment idea on the basis of Technical Research Analysis."

"The current bottom of Hanung Toys is placed at Rs 171 and there after sideways movement is seen for past 4 months between Rs 240 and Rs 190 showing a range bound movement. This range bound movement has formed a 'Symmetrical Triangle' Structure as shown on the weekly chart. The above said 'Symmetrical Triangle' is likely to act as trend reversal pattern of the earlier steep fall from Rs 415 to Rs 171. The upward breakout of the 'Symmetrical Triangle' is placed at Rs 235 levels above which strong upward momentum will be seen."

"The RSI Oscillator on weekly chart has generated 'Buy' signal cutting the trigger line in upward direction. The 38.2% and 50% retracement resistance levels are placed at Rs 262 and 289 respectively. The buying is recommended in this stock between Rs 233 - 228 with a stop loss of Rs 208 with the targets of Rs 262 and 289. The time frame for this positional buying call is expected around 60 days. When the first target is achieved at 262 the partial profit can be booked and the stop loss can be revised to Rs 235 levels for remaining buying positions for the next target of Rs 289," says GEPL Capital research report.

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