Buy Indotech Transformers; target of Rs 272: IIFL

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Buy Indotech Transformers; target of Rs 272: IIFL

IIFL is bullish on Indotech Transformers and has recommended buy rating on the stock with a target of Rs 272, in its August 25, 2010 research report.

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IIFL is bullish on Indo Tech Transformers and has recommended buy rating on the stock with a target of Rs 272, in its August 25, 2010 research report.

"Indotech Transformers broke out from consolidating triangle on wednesday as prices penetrated descending trendline resistances prevailing at Rs 260.Volumes have jumped more than 3 times of its average 10-day average, which improves sustainability of the breakout. Positive crossover from MACD and RSI also support argument for better risk reward ratio from current levels. We advise buying stock in the range of Rs 262-264 with stop loss of Rs 258 for target of Rs 272, "says IIFL research report.

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To read the full report click on the attachment