According to IIFL, traders can sell Punj Lloyd Future below Rs 72 with stop loss of Rs 74 for target of Rs 68, in its July 28, 2011 research report.
"The recent pullback in Punj Lloyd from the low of Rs 52.65 has fizzled out near to its 200-DMA around Rs 79, as we saw a sharp cut this week. In yesterday's session the stock fell the support of lower Band of Envelope suggesting continuation of the downtrend. On the daily chart, the stock has been forming the pattern of lower high and lower lows. A breakdown in rising trend line implies that downtrend in the counter is likely to prevail in the coming days. We advise going short on Punj Lloyd August Futures below Rs 72 with stop loss of Rs 74 for target of Rs 68," says IIFL research report.
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