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Jun 29, 2010, 08.16 PM IST | 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.

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.

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To read the full report click here

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