Sell HDIL; target of Rs 280: India Infoline

ALSO READ See previous views by India Infoline See what other Experts & Brokerages are saying about HDIL See messages about HDIL HDIL BSE | NSE 10/02/12 Are Mutual Funds betting on HDIL?

India Infoline Research is bearish on Housing Development and Infrastructure , HDIL and has recommended sell rating on the stock with target of Rs 280, in its March 22, 2010.

 

"On the daily charts, HDIL has given a close well below its critical support levels of Rs 311 and its 200-day DMA for a fifth session in a row. Moreover, the stock has broken below its short-term moving average. We expect the weakness to continue in the near term with daily RSI also showing a downward trend. Movement of the momentum indicators denote that the stock could trudge lower over the near term. Any fall from these levels could drag the stock lower towards Rs 280 and below. We recommend a high-risk sell on the stock between the levels of Rs 297-302 with stop loss of Rs 308 for an initial target of Rs 280."

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click on the attachment