Sep 14, 2011, 10.38 AM IST | Source: Moneycontrol.com

Buy Ruchi Soya; target of Rs 112.5: IIFL

IIFL is bullish on Ruchi Soya and has recommended buy rating on the stock with a target of Rs 112.5 in its September 14, 2011 research report.

IIFL is bullish on Ruchi Soya and has recommended buy rating on the stock with a target of Rs 112.5 in its September 14, 2011 research report.

The sideways consolidation in Ruchi Soya has ended after prices surged above the neckline resistance of inverted head and shoulder which was placed at Rs107. The daily RSI despite entering into overbought position is yet to indicate any negative divergence. Infact a positive crossover from RSI indicates renewed buying momentum even at higher levels. Based on the amplitude of inverted H&S, stock is expected to test levels of Rs 116 in the near term. We recommend buying stock in the range of Rs107-107.5 with stop loss of Rs105 for Target of Rs112.5. (Duration 7 days.), says IIFL research report.

FIIs holding more than 30% in Indian cos

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