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Buy Praj Industries; target Rs 77.5: IIFL
IIFL is bullish on Praj Industries and has recommended buy rating on the stock with a target price of Rs 77.5 in its December 23, 2011 research report.
IIFL is bullish on Praj Industries and has recommended buy rating on the stock with a target price of Rs 77.5 in its December 23, 2011 research report.
"Praj Industries has formed a inverted Head and Shoulder on the intra-day chart with the neckline persisting at Rs 73.5. Currently, the stock is trading near the resistance of 200- DMA and could give a pull back to re-test the neckline at Rs 73.5. The implication of the breakout of the inverted Head and Shoulder is projecting target & RSI is also showing positive crossover on the daily chart. On the weekly chart, the stock is about to form a bullish engulfing line on a closing above Rs 75 which will confirm trend reversal on the medium-term charts. We recommend buying Praj Industries in the range of Rs 73-73.5 with stop loss of Rs 71.5 and target of Rs 77.5," says IIFL research report.
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