Sell Hexaware Technologies; target of Rs 48: IIFL

IIFL is bearish on Hexaware Technologies and has recommended sell rating on the stock with a target of Rs 48 in its March 1, 2011 research report.

After forming of Bearish Engulfing line last week, the stock attempted to retrace almost 50% of the large black candle on Friday. On hourly chart stock has broken down below important support levels of its 50-DMA prevailing at Rs 56, such move is considered to be a bearish pattern. 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 Hexaware March Futs below Rs 53 with stop loss of Rs 55.50 for Target of Rs 48,

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