IIFL is bullish on Mid-Day and has recommended buy rating on the stock with a target of Rs 44 in its December 23, 2010 research report.
"Mid-Day has given a breakout from the downward sloping resistance line on the daily chart with higher-than-average volumes on Tuesday. The stock has seen a sharp fall after hitting an intermediate peak of Rs 43 in October 2010, retracing back to the support of its 100-DMA. This week, the stock has staged a pullback from its 100-DMA which is likely to act as a solid base for resumption of positive momentum in the counter. We expect stock price to rally from here on and test levels of Rs 46 in coming days. Daily RSI also has generated positive crossover suggesting an advance from the current levels. Based on above technical analysis, we recommend traders to buy the stock between the range Rs 41-42 with stop loss of Rs 39.50 for target of Rs 44," says IIFL research report.
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