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Buy McLeod Russel; target of Rs 290: Aditya Birla Money
Aditya Birla Money is bullish on McLeod Russel and has recommended buy rating on the stock with a target of Rs 290 in its April 1, 2011 research report.
Aditya Birla Money is bullish on McLeod Russel and has recommended buy rating on the stock with a target of Rs 290 in its April 1, 2011 research report.
"Mcloed Russel had given a breakout last month at Rs 235 levels after a long period of consolidation. After the initial up move towards 270, the stock has been consolidating in a small range between Rs 270 and Rs 245. The stock witnessed a strong up move in yesterday's trade session after finding strong support at Rs 245 zone. (Confluence of 38.2% retracement and 21 DEMA) A breach of yesterday candle high at Rs 254 would also lead to a breach of falling trendline confirming that the prices have resumed their uptrend. Daily Stochastic has given a positive crossover from oversold zone along with positive reversal confirming our bullish stance."
"According to wave structure, prices have been unfolding a five wave up move of which corrective wave 4 seems to have completed with yesterday's low of Rs 246.30. Prices could now edge higher towards Rs 270 and beyond completing the five wave upmove. Buy McLeod Russel above Rs 255 for a target of Rs 290 with stop placed below Rs 237 on closing basis," says Aditya Birla Money research report.
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.
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