Sell Patni Computer; target of Rs 437: India Infoline

India Infoline is bearish on Patni Computer Systems and has recommended sell rating on the stock with a target of Rs 437, November 20, 2009 research report.

"Patni Computers has corrected sharply from the recent peak of Rs 519, breaking below its 26-DMA. On Thursday, the stock fell below the short-term trendline and also closed below its near & short term averages. The daily MACD is already in sell mode suggesting build-up of momentum on the downside. Based on above events, we recommend traders to sell the stock at current levels and on rallies to levels of Rs 465 for target of Rs 437. A stop loss of Rs 472 is recommended on all short positions," says India Infoline research report.

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