Buy Voltas; target of Rs 117: IIFL

IIFL is bullish on Voltas and has recommended buy rating on the stock with a target of Rs 117 in its August 16, 2012 research report.

“Voltas on the daily chart has broken out of a consolidation zone above Rs108 leading to a pattern namely ‘bullish symmetrical triangle’ breakout. The 100-DMA is at Rs108 which becomes strong support for the stock. The amplitude of triangle projects target above Rs120. The daily RSI has been sustaining above the 50 mark reinforcing bullish trend in the counter and any declines is likely to be met with buying interest. We advise buying above Rs111 with stop loss of Rs 108 for target of Rs 117, says IIFL research report.

Public holding more than 90% in Indian cos

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