Buy Unitech; target of Rs 41: GEPL Capital

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Buy Unitech; target of Rs 41: GEPL Capital

GEPL Capital is bullish on Unitech and has recommended buy rating on the stock with a target of Rs 41 in its July 09, 2011 research report.

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GEPL Capital is bullish on Unitech and has recommended buy rating on the stock with a target of Rs 41 in its July 09, 2011 research report.

"Nifty finally moved near 5700 level and some consolidation is expected between 200 points from 5700 to 5500 to regain the strength. This consolidation may act as a continuation pattern followed by a fresh rally towards 5900 levels. Among the sectorial indices, Realty sector is looking positive and frontline stocks from these sectors are gathering high trading volumes. These stocks are showing bottoming out pattern on weekly chart & likely to move upwards once the initial resistance levels are cleared on upward side. This time, we are recommending Unitech for a short term investment span of a month's time."

"This stock has formed major bottom in December 2008 at Rs 22 and thereafter moving in a Triangular Pattern as shown in the chart. After a low of 22, a high of 116 was registered followed by a lower top at 101 levels. Again, a sharp fall was witnessed after a lower top of 101 and bottom was seen at 28. This bottom of 28 is higher bottom in comparison with earlier bottom of 22, showing first sign of probable trend reversal. Now, the upward breakout is placed at Rs 38 levels, above which a sharp upswing may be seen in the stock. On weekly chart, 2 consecutive bullish candles were seen accompanied with good trading volumes, suggesting a sharp up move is in the offing. RSI oscillator on weekly chart is at the verge of upward breakout & generating 'Buy' signal. Buying is recommended in this stock in the range of Rs 36 - 34 levels."

"A strong intermediate support at 29 can be treated as stop loss & 61.8% retracement resistance at Rs 41 is first target where as current intermediate high at Rs 47 will be the next target. The time frame for this trading buying position is of 1 month. Partial profit booking is recommended at 1st target of 41 and thereafter, the stop loss can be revised to Rs 35 levels for remaining buying position, till the next target is achieved at Rs 47," says GEPL Capital research report.  

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To read the full report click on the attachment