Buy Raymond; target of Rs 240: IIFL

IIFL is bullish on Raymond and has recommended buy rating on the stock with a target of Rs 240, in its June 29, 2010 research report.
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Jun 29, 2010, 08.16 PM | Source: Moneycontrol.com

Buy Raymond; target of Rs 240: IIFL

IIFL is bullish on Raymond and has recommended buy rating on the stock with a target of Rs 240, in its June 29, 2010 research report.

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Buy Raymond; target of Rs 240: IIFL

IIFL is bullish on Raymond and has recommended buy rating on the stock with a target of Rs 240, in its June 29, 2010 research report.

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, IIFL |

IIFL is bullish on Raymond and has recommended buy rating on the stock with a target of Rs 240, in its June 29, 2010 research report.

"On Monday, Raymond bounced sharply on impressive volumes from its support levels of Rs 223-224. It now faces a resistance at Rs 242-243 levels and should have a minimum upside till that level. If it breaks above the levels of Rs 228, it could rise till Rs 240 in the short term. Traders are advised to maintain a stop loss of Rs 221 and go long. Our argument is further validated after the stock broke out from an inverted Head & Shoulders pattern. Moreover, the stock has given a close above its 100-day moving average," 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

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