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Buy HOEC; target of Rs 267: India Infoline
India Infoline is bullish on Hindustan Oil Exploration, (HOEC) and has recommneded buy rating on the stock with a target of Rs 267, in its April 05, 2010 research report.
India Infoline is bullish on Hindustan Oil Exploration , (HOEC) and has recommneded buy rating on the stock with a target of Rs 267, in its April 05, 2010 research report.
"Hindustan Oil Exploration had faced a stiff resistance at its downward-sloping trend line since early February 2010. However, on Thursday, the stock managed to cross over its downward sloping curve. The move was supported by sharp surge in volume (6x of its 10-day average volume). The stock has managed to hold on the support zone between Rs 225-227. This bullish breakout signals the end of the intermediate downtrend. The position of the short-term oscillators also indicates that the stock has formed an intermediate bottom. A sustained rally past the levels of Rs 252 could see the stock attempting its February 2010 peak. We recommend buying the stock at current levels and on any declines to Rs 245 levels for short term target of Rs 267 and Rs 272. Traders should maintain a stop loss of Rs 235 on all long positions."
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