IIFL Research is bullish on SKF India and has recommended buy rating on the stock with a target of Rs 513, in its June 21, 2010 research report.
"SKF India has been trading sideways for last couple of weeks. A group of Doji stars have appeared in monthly chart accompanied with drying up of volumes which typically constitute a Flag pattern. After rallying from levels of Rs 311-500, a Flag formation is considered to be a short term pause before resuming the next leg of up move. Bullish white candle appearing last week along with spurt in volumes suggests that the consolidation phase is nearing to an end and prices are likely to approach levels of Rs 540 in coming days. All time high for stock is placed at Rs 513 levels, above which selling pressure is likely to disappear. We advise buying stock at current levels of Rs479 with stop loss of Rs 465 for target of Rs 513," says IIFL research report.
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