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Jun 07, 2012, 02.55 PM IST
IIFL is bullish on Hindalco Industries and has recommended buy rating on the stock with a target of Rs 125 in its June 7, 2012 research report.
IIFL is bullish on Hindalco Industries and has recommended buy rating on the stock with a target of Rs 125 in its June 7, 2012 research report.
“Hindalco has confirmed a strong reversal with breakout from the formation of ‘falling wedge’ after an extended down trend which persisted for almost one week. The breakout was visible on daily chart and was backed with positive crossover on the daily RSI. Moreover, alongwith yesterday’s 3% upmove, the stock closed above its 50-DMA for the first time since second week of March 2012. Based on above mentioned technical evidences, we recommend traders to buy Hindalco above Rs 120 with stop loss of Rs 117.50 for target of Rs 125,” says IIFL research report. FIIs holding more than 30% in Indian cos Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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