Buy Natco Pharma; target of Rs 339: IIFL

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Buy Natco Pharma; target of Rs 339: IIFL

IIFL is bullish on Natco Pharma and has recommended buy rating on the stock with a target of Rs 339 in its January 5, 2011 research report.

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RELATED NEWS Buy Ambika Cotton Mills; target of Rs 253: Mehta Equities Sell HCL Tech; target of Rs 421: Aditya Birla Money Buy Lupin; target of Rs 486: IIFL ALSO READ See previous views by IIFL See what other Experts & Brokerages are saying about Natco Pharma See messages about Natco Pharma Natco Pharma BSE | NSE 30/05/12 Are Mutual Funds betting on Natco Pharma?

IIFL is bullish on Natco Pharma and has recommended buy rating on the stock with a target of Rs 339 in its January 5, 2011 research report.

After hitting all time peak of Rs 357 in the month of December 2010, stock has been consolidating in a triangle pattern with volumes dipping, prices moves nearer to the apex. However stock has signaled a breakout from the triangle in yesterdays trading session with spurt in volumes. The breakout was also backed up with 'golden cross' from short term moving averages and positive crossover in the RSI. As the amplitude of triangle corresponds to 40 points, we expect stock to rally towards levels of Rs 338 in the near term. We advise buying stock above Rs 319 with stop loss of Rs 309 for target of Rs 339. (Time period for 7 days)," says IIFL research report.

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To read the full report click on the attachment