Sell Triveni Engineering; target of Rs 100: IIFL

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Sell Triveni Engineering; target of Rs 100: IIFL

IIFL is bearish on Triveni Engineering and has recommended sell rating on the stock with a target of Rs 100 in its January 10, 2011 research report.

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RELATED NEWS Accumulate BGR Energy; tgt of Rs 814: JRG Securities Buy Aurobindo Pharma; tgt of Rs 1630: Fairwealth Securities Buy Jain Irrigation; target of Rs 265: Firstcall Research ALSO READ See previous views by IIFL See what other Experts & Brokerages are saying about Triveni Engg See messages about Triveni Engg Triveni Engg BSE | NSE 01/06/12 Are Mutual Funds betting on Triveni Engg?

IIFL is bearish on Triveni Engineering and has recommended sell rating on the stock with a target of Rs 100 in its January 10, 2011 research report.

"Triveni Engineering fell below its clutches of moving averages in Friday's session (i.e.100 and 200-DMA) forming a bearish pattern. Moreover on the daily chart, it has broken down below important support of rising wedge prevailing at levels of Rs 112 and pullback from lows of Rs 96 is retesting its neckline, such move is considered to be bearish in nature. Daily stochastic too has signaled negative crossover from overbought region which supports argument for short term correction in the counter. We advise initiating short positions in Triveni Engineering Jan Futures below Rs 106 with stop loss of Rs 109 for target of Rs 100," says IIFL research report.

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To read the full report click on the attachment