Nov 02, 2010, 11.10 AM IST | Source: Moneycontrol.com

Buy Provogue; target of Rs 81.50: IIFL

IIFL is bullish on Provogue and has recommended buy rating on the stock with a target of Rs 81.50 in its October 29, 2010 research report.

IIFL is bullish on Provogue and has recommended buy rating on the stock with a target of Rs 81.50 in its October 29, 2010 research report.

Provogue has given a breakout from the downward sloping resistance line on the daily chart after it closed above its 20-DMA with sporadically high volumes on Thursday. Daily chart shows a breakout from a falling wedge pattern. Yesterdays low of Rs 70 is likely to act as solid support line for such breakout. We expect stock price to rally from here on and test levels of Rs 80 in coming days. Such back to back confirmation on short term and medium term chart supports our buying argument at current levels and provides better risk-reward ratio. Based on above technical analysis, we recommend traders to buy the stock above Rs 74.50 with stop loss of Rs 71 for target of Rs 81.50, 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.

To read the full report click here

READ MORE ON  Provogue, IIFL
Set email alert for

ADS BY GOOGLE

Buy & sell politicians on Power Play
- the political stock exchange

Price Update

Rahul Gandhi

570.54 7.41 1.32%

340799

Bought today

361318

Sold today

0.81%

User holding

video of the day

Add cyclicals, banks on positive poll outcome: UBS

Explore Moneycontrol

Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.