Buy HDIL; target of Rs 105.50: IIFL

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Buy HDIL; target of Rs 105.50: IIFL

IIFL is bullish on HDIL and has recommended buy rating on the stock with a target of Rs 105.50 in its November 8, 2011 research report.

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IIFL is bullish on HDIL and has recommended buy rating on the stock with a target of Rs 105.50 in its November 8, 2011 research report.

"HDIL on the daily chart has given breakout from inverted head and shoulder pattern above the neckline resistance of Rs98 with spurt in volumes. The implication of such breakout opens gates for sharp up move in the counter towards Rs112 in the near term. However before the stock rally's, there could be another attempt to retest the support line of Rs98 and which should be used for entering into the stock. Even resistance of 50 DMA has been convincingly cleared and RSI is trending up with positive crossover. We recommend buying HDIL in the range of Rs 97-98.5 with stop loss of Rs 95 for target of Rs 105.5. (Duration 7 days)," says IIFL research report.

FIIs holding more than 30% in Indian cos

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