Buy Jindal Steel; target of Rs 421: IIFL

IIFL is bullish on Jindal Steel & Power and has recommended buy rating on the stock with a target of Rs 421 in its August 8, 2012 research report. 

“Jindal Steel and Power has confirmed a strong reversal with breakout from the formation of ‘falling wedge’ after an extended down trend which persisted for almost one week. The breakout was visible on daily chart and was backed with positive crossover on the daily RSI. Moreover, alongwith yesterday’s 2% upmove, the stock closed above its 10-DMA for the first time since July 2012. Based on above mentioned technical evidences, we recommend traders to buy Jindal Steel and Power above Rs 407 with stop loss of Rs 400 for target of Rs 421,” says IIFL research report.  

Public holding more than 90% in Indian cos

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