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Buy Triveni Engg; target of Rs 125: IIFL
IIFL is bullish on Triveni Enginnering & Industries and has recommended buy rating on the stock with a target of Rs 125, in its September 23, 2010 research report.
IIFL is bullish on Triveni Enginnering & Industries and has recommended buy rating on the stock with a target of Rs 125, in its September 23, 2010 research report.
"In past few trading sessions, Triveni Enginnering has been holding quiet well around the neckline of an inverted Head & Shoulders pattern prevailing at Rs107-108. Yesterday's rally took the stock above its 200-DMA (Rs110) which is likely to act as a solid base for resumption of positive momentum in the counter. MACD sustaining above the reference line also corroborate positive trend in the stock. Applying inverted Head & Shoulders projection in the near term gives immediate target of Rs125. We advise buying the stock in the range of Rs112-115 with a stop loss of Rs107 for a short-term target of Rs 125," says IIFL research report.
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