Buy Ultratech Cement; target of Rs 1260: IIFL

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Buy Ultratech Cement; target of Rs 1260: IIFL

IIFL is bullish on Ultratech Cement and has recommended buy rating on the stock with a target of Rs 1260 in its January 19, 2012 research report.

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IIFL is bullish on Ultratech Cement and has recommended buy rating on the stock with a target of Rs 1260 in its January 19, 2012 research report.

"Ultratech Cement on the daily chart has given breakout above Rs1180 from triangle pattern and as long stock sustains above same, the amplitude suggest target of Rs1300 levels. The daily RSI is also indicating a positive crossover after forming a rounding bottom pattern. The weekly RSI is well placed above 55 levels suggesting in strength in uptrend. The volumes too have been improving with price rise which corroborates strength in up move. We recommend buying Ultratech Cement above Rs 1,200 with stop loss of Rs 1,170 for Target of Rs 1,260 (Duration 7 days)," says IIFL research report. 

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