IIFL is bullish on Kolte-Patil Developers and has recommended buy rating on the stock with a target of Rs 68, in its August 10, 2010 research report.
"After hitting an intermediate top of Rs 74 in Jan 2010, Kolte Patil has been consolidating within symmetrical triangle with volume activity deteriorating. Price activity in last five trading sessions suggests that prices are oscillating in narrow range of Rs 60-63 without confirming a breakout on either side. However, since yesterday's candle turned out to be 'Bullish white belt hold' with spurt in volumes, there is a high probability that we might see a breakout on upside. Stock holding above its long term moving averages of 100 DMA and 200 DMA also supports our argument for an upside breakout. We recommend buying stock above Rs63.5 with stop of Rs 61.5 for target of Rs 68."
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
