IIFL is bearish on PTC India and has recommended sell rating on the stock with a target of Rs 104 in its January 21, 2011 research report.
"PTC India has been on a downtrend since its high of Rs 128 in last week of January 2011. Yesterday, we saw the stock breaking below its multiple support levels placed around Rs 110-11. Further, it has formed Bearish candlestick pattern on the daily chart, confirming the negative trend. The daily MACD has generated a crossover sell signal, suggesting build-up of momentum on the downside. After breaking below its 200-DMA last week, the stock has failed to regain control above the important moving average. Selling pressure could intensify if the stock falls below Rs 109 in the near term. We recommend traders to initiate short positions in PTC India January Futures below Rs 109 with stop loss of Rs 111.50 for target of Rs 104,Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
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