Buy IFCI; target of Rs 66.50: IIFL

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Buy IFCI; target of Rs 66.50: IIFL

IIFL is bullish on IFCI and has recommended buy rating on the stock with a target of Rs 66.50 in its September 21, 2010 research report.

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IIFL is bullish on IFCI and has recommended buy rating on the stock with a target of Rs 66.50 in its September 21, 2010 research report.

"IFCI after hitting a 52 week high of Rs 64.25 stock has been consolidating in symmetrical triangle for nearly 2 months. Volumes contracted during the consolidation phase and price activity remained in the range of Rs 57-Rs 63. Such consolidation was later on followed with breakout on yesterdays trading session where prices successfully traded above the falling resistance line with improvement in the volumes. Since the amplitude of the triangle corresponds to Rs 7 we expect stock to retrace 100% of similar amplitude from recent peak of Rs 58.40, thus giving target of Rs 66.50. We advise buying stock above Rs 62.5 with stop loss of Rs 60.50 for target of Rs 66.50," says IIFL research report.

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To read the full report click on the attachment