Buy Patel Engineering; target of Rs 100.5: IIFL

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Buy Patel Engineering; target of Rs 100.5: IIFL

IIFL is bullish on Patel Engineering and has recommended buy rating on the stock with a target of Rs 100.5 in its September 27, 2011 research report.

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IIFL is bullish on Patel Engineering and has recommended buy rating on the stock with a target of Rs 100.5 in its September 27, 2011 research report.

"Patel Engineering as almost retraced 78% of the previous up move which began from August 2011 trough of Rs 89 and is currently placed near the support zone of Rs93.5. The daily oscillators are trading into oversold terrain and on the weekly chart the prices are tending to form a classic double bottom pattern. A day before yesterday stock formed a doji star and hence it difficult to cross above Rs102 in the short term. We recommend buying stock in the range of Rs 93.5-94.5 with stop loss of Rs 91.5 for target of Rs 100.5 (Duration 7days)," says IIFL research report.

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