India Infoline is bullish on Kingfisher Airlines and has recommended a buy with an intraday target of Rs 57 and Rs 59, in its report November 13, 2009 research report.
"From the high of Rs 70 in July 2008, Kingfisher Airlines corrected to a low of Rs40, which proved to be a panic bottom for the stock. Since then, the stock has bounced back strongly from its low. Since then, the stock is moving in a channel of Rs40-60. Yesterday, the stock rose by 4% to close above its short-term and long-term moving averages. The volumes were on a higher side when compared to last 3 trading session. The Momentum indicator RSI is depicting that the positive trend is likely to continue. We recommend a buy with an intraday target of Rs 57 and Rs 59. It is advised to maintain a stop loss of Rs 52.60," says India Infoline research report.
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