IIFL is bullish on Tata Coffee and has recommended buy rating on the stock with a target of Rs 550 in its July 19, 2010 research report.
"Tata Coffee after hit an all time high of Rs 474 in June and the stock has retraced nearly 50% of the intermediate uptrend which resumed May'10, providing decent opportunity for accumulating the stock at current levels. As the correction unfolded into a classic zig zag formation, we expect wave 3 of intermediate degree is likely to begin from hereon and travel 1.61 times of wave 1. We thus advise buying Tata Coffee at current level of Rs 430 with stoploss of Rs 375 for target of Rs 550," says IIFL research report.
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