IIFL is bullish on Reliance Capital and has recommended buy rating on the stock with a target of Rs 621 in its July 26, 2011 research report.
"Reliance Capital, after forming intermediate peak of Rs 613 in the month of July 2011, stock has been moving sideways forming an inverted head & shoulder pattern on the daily chart. A breakout above Rs 605 would ensure immediate upside move towards Rs 621 in the coming days. But looking at past performance of the stock, the levels of Rs588 has been tested couple of occasions, which forms the trough of the right shoulder. To provide safety margin and provide better risk reward ratio, we advise buying stock between Rs 595-597 with stop loss of Rs 585 for target of Rs 621," 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.
