GEPL Capital is bullish on Tata Steel, Punj Lloyd and has recommended buy rating on the stocks in its December 12, 2012 research report.
Tata Steel has given a beak out of a declining trend line on the weekly chart connecting its major swing high since past eight months. The break out is accompanied by above average volumes and the RSI on the weekly chart indicates further upside in days to come. The stock may test the level of 442 at least in a short span of time. We recommend a buy at present levels and on any decline with a stop loss of 390 for an upside target of 442 and higher over the course of next two to three weeks.
Punj Lloyd appears at the cusp of a break out of a Triangle pattern on the weekly chart. The said pattern has been in the making since quiet a few months after the stock registered a bullish break out of a declining Channel on the monthly chart in the first quarter of this year. A break out of the Triangle would imply a sharp up thrust till at least 72 and even higher in the coming few weeks. We recommend a buy on the stock with a stop loss of 52.50 for an upside potential of at least 72 and even higher in the coming one month.
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