Buy Varun Industries with target of Rs 207: Kapadia

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Buy Varun Industries with target of Rs 207: Kapadia

Hemen Kapadia of chartpundit.com has recommended buying Varun Industries with a target of Rs 207.

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Excerpts from Power Breakfast on CNBC-TV18 Watch the full show » ALSO READ See previous views by Hemen Kapadia See what other Experts & Brokerages are saying about Varun Industries See messages about Varun Industries Varun Industrie BSE | NSE 23/02/12 Are Mutual Funds betting on Varun Industrie?

Hemen Kapadia of chartpundit.com has recommended buying Varun Industries with a target of Rs 207.

Kapadia told CNBC-TV18, "Another medium-term pick is Varun Industries - the stock has been moving sideways for the last 14 trading sessions. It has just poked above the consolidation phase; volumes have been reasonably decent today. There has also been follow-up indicator in terms of the MSCD and the stochastic which are supporting the move. Keeping this in mind one can buy the stock at around Rs 197 with a stop loss of Rs 192 and a target of Rs 207. Once again this will be probably valid for a week or so, it is a short-term pick and it has done the requisite technical formalities to recommend a buy."