IIFL is bullish on Tata Communication and has recommended buy rating on the stock with a target of Rs 210 in its December 16, 2011 research report.
"Tata Communication has given breakout from falling wedge pattern on the daily chart, thus entering its medium term downtrend. However the volumes in yesterday's trade were comparatively lower and which raises potential of retesting the breakout point of Rs198. In the previous week stock had formed bullish piercing line on weekly candlestick chart and to make risk reward favorable a dip towards Rs198 should be used as buying opportunity. We recommend buying stock in the range of Rs 197-198 with stop loss of Rs 193.5 for target of Rs 210. (Duration 7 days)," says IIFL research report.
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