Buy HEG; target of Rs 356: IIFL

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Buy HEG; target of Rs 356: IIFL

IIFL is bullish on HEG and has recommended buy rating on the stock with a target of Rs 356 in its September 7, 2010 research report.

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ALSO READ See previous views by IIFL See what other Experts & Brokerages are saying about HEG See messages about HEG HEG BSE | NSE 31/05/12 Are Mutual Funds betting on HEG?

IIFL is bullish on HEG and has recommended buy rating on the stock with a target of Rs 356 in its September 7, 2010 research report.

"HEG has closed above crucial resistance zone of Rs 330-335 after making several attempts to break above its recent peak. Continued positive divergence with the RSI oscillator points to the likelihood for an upward swing in the stock price. We believe that the stock has formed an immediate bottom at Rs 315-320 levels. The up move was well supported by healthy volumes, which suggest accumulation. Moreover, the stock has given a close above its 200-DMA. Technical charts are appearing interesting from a medium term view as well. We recommend traders to buy the stock above Rs 337 with stop loss of Rs 329 for target of Rs 356," says IIFL research report.

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To read the full report click on the attachment