Buy Triveni Engineering; target of Rs 37.5: IIFL

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Buy Triveni Engineering; target of Rs 37.5: IIFL

IIFL is bullish on Triveni Engineering and has recommended buy rating on the stock with a target of Rs 37.5 in its July 18, 2011 research report.

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IIFL is bullish on Triveni Engineering and has recommended buy rating on the stock with a target of Rs 37.5 in its July 18, 2011 research report.

"Triveni Engineering (on the daily chart) has been forming a 'falling wedge' pattern which indicates trend reversal from short term downtrend. The support line extended from Feb 2011 trough and May 2011 trough coincides with support of Rs 35.5, from where we expect good bounce back in the counter. In case such a support is violated, we may see prices trying to seek the next intermediate support of Rs34.8, but not see it sustaining below the same. We advise buying the stock in the range of Rs 34.9 to 35.3 with the stop loss of Rs 33.8 for a target of Rs 37.5.(Duration 5 days)," says IIFL research report.

Institutional holding more than 40% in Indian cos

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To read the full report click on the attachment