Buy Sterlite Industries; target Rs 123.60: IIFL

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Buy Sterlite Industries; target Rs 123.60: IIFL

IIFL is bullish on Sterlite Industries and has recommended buy rating on the stock with a target price of Rs 123.60 in its November 15, 2011 research report.

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IIFL is bullish on Sterlite Industries and has recommended buy rating on the stock with a target price of Rs 123.60 in its November 15, 2011 research report.

"The recent decline in Sterlite Industries has retraced almost 78.6% of the previous upmove and stock is currently trading at the rising support line. However for positive momentum to return, stock needs to surpass the resistance of Rs 117.60 which should reignite positive momentum. The volumes have been contracting in last three trading session with price down tick, this also confirms that downward momentum in the counter is decelerating. We recommend buying Sterlite Industries above Rs 117.60 with stoploss of Rs 114.60 for target of Rs 123.60. (Duration 7 days)," says IIFL research report.

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