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Sell Mcleod Russel; target of Rs 260: Aditya Birla Money
Aditya Birla Money is bearish on Mcleod Russel (India) and has recommended sell rating on the stock with a target of Rs 260 in its July 26, 2011 research report.
Aditya Birla Money is bearish on Mcleod Russel (India) and has recommended sell rating on the stock with a target of Rs 260 in its July 26, 2011 research report.
"Since last three weeks McLeod Russel had been trying to breach past the strong resistance at Rs 290 zone. A failure to break through lead to the stock witnessing strong selling pressure in yesterday's session. Further prices have breached the rising channel indicating that the short term trend has turned negative. Bearish Belt Hold pattern formed yesterday indicates that Bears are now in complete control and could push prices further lower towards Rs 260/250."
"Daily momentum is declining while weekly is just about to give negative crossover adding strength to our bearish view. On the lower side support is placed is at Rs 260 and then at Rs 250, while resistance is placed at Rs 280/285. Only a close above 280 would negate our bearish view delaying the expected weakness. Sell McLeod Russel at CMP Rs 275.40 for a target of Rs 260 with stop placed above Rs 280 on closing basis," says Aditya Birla Money research report.
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.
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