16596 Investors following MTNL. Share this News with them.
0
Like this story, share it with millions of investors on M3
Buy MTNL; target of Rs 70: IIFL
IIFL is bullish on Mahanagar Telephone Nigam and has recommended buy rating on the stock with a target of Rs 70 in its September 9, 2010 research report.
IIFL is bullish on Mahanagar Telephone Nigam and has recommended buy rating on the stock with a target of Rs 70 in its September 9, 2010 research report.
"Mahanagar Telephone Nigam (MTNL) has signaled a breakout from a triangle pattern as the stock has closed above the triangle pattern yesterday with impressive volumes. Moreover it has crossed over above its 20-DMA and 100-DMA. Daily RSI has also seen a breakout from an inverted Head & Shoulders pattern. Such back to back confirmation of positive indicators and moving averages is likely to ignite buying momentum with immediate target seen in the range of Rs 70-71. 200-DMA placed at Rs 70 could act as an immediate resistance on the upside. Traders are advised to buy in the range between Rs 64.50-65.50 with SL of Rs 62.50 for target of Rs 70," says IIFL 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.
