Sell Bombay Dyeing January future; target Rs 345: IIFL

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Sell Bombay Dyeing January future; target Rs 345: IIFL

According to IIFL, traders can sell Bombay Dyeing January futures below Rs 359 with stop loss of Rs 365 for target of Rs 345, in its December 28, 2011 research report.

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According to IIFL, traders can sell Bombay Dyeing January futures below Rs 359 with stop loss of Rs 365 for target of Rs 345, in its December 28, 2011 research report.

"Bombay Dyeing has recently signaled trend reversal below Rs 363 which was its 200-DMA and with broader pattern indicating near breakdown from Falling Wedge, stock could be heading below Rs 340 in the near term. Last week, the stock bounced back from its 200-DMA. However, Inability of stock to conquer ground above its 200-DMA reinforces negative trend in the counter. We recommend going short on Bombay Dyeing January Futures below Rs 359 with stop loss of Rs 365 for target of Rs 345. (Duration 4 days)" says IIFL research report.

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