Buy Ranbaxy Labs; target of Rs 530: IIFL

IIFL is bullish on Ranbaxy Labs and has recommended buy rating on the stock with a target of Rs 530 in its December 5, 2012 research report.
 
“Ranbaxy Labs has created a strong base around Rs498 in last few trading sessions. The above level also coincides with 200-DMA, suggesting strength in the counter. Moreover, on the daily line chart, the stock has surpassed the slanting resistance line of Rs504 on the daily chart drawn from peak of November 2012 and has sustained above it. It has brought an end to the corrective phase. We thus expect the stock to continue its uptrend and head higher to towards Rs530. (Duration 5 days),” says IIFL research report.

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