IIFL is bullish on JBF Industries and has recommended buy rating on the stock with a target of Rs 161, in its August 20, 2010.
On Thursday, JBF Industries broke out past its recent peak of Rs150 which was acting as a stiff resistance for the stock since last two months. Daily chart suggests formation of distinctive pattern this is most likely to result into a short-term rally in the counter. We believe that the current breakout is likely to lead to a potential upside up to the levels of Rs160 and above. Momentum oscillators are also exhibiting strength in the upmove. We expect the stock to remain in the momentum as long as it sustains above its last week low of Rs 145. We recommend traders to buy the stock above Rs 151 with stop loss of Rs 146 for a target of Rs 161," says IIFL research report.
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