IIFL is bullish on Reliance Capital and has recommended buy rating on the stock with a target of Rs 422 in its September 26, 2011 research report.
"Reliance Capital has done pretty much nothing in last three weeks, besides moving in a trading band between Rs390-420. Last Friday, the stock bounced back from the support of its Lower Bollinger Band which coincides with the lower end of the trading band mentioned above. Our view is further validated after the stock gave a close around the cluster of short-term moving averages. The rally was accompanied with a positive crossover in RSI, earmarking inherent strength in the counter. Based on above observations, it is likely that stock continues its uptrend in the short term. We recommend high risk traders to buy the stock between Rs 402-406 with stop loss of Rs 397 for a target of Rs 422," says IIFL research report.
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