Buy Mcleod Russel above Rs 317; Target Rs 331: IIFL

IIFL is bullish on Mcleod Russel and has recommended buy rating on the stock with a stop loss of Rs 310 for the target price of Rs 331, in its November 16, 2012 research report.

On the intra-day chart, Mcleod Russel has signaled breakout from formation of inverted head & shoulder with spurt in volumes with neckline placed at Rs 312. Although the stock is flirting near the resistance of 100- DMA, but the momentum oscillators are suggesting breakout thus affirming bullish trend in counter. Going forward the implication of inverted head & shoulder pattern suggest that stock is likely to rally towards Rs 331, before finding next leg of resistance. (Duration 4 days)," says IIFL research report. FIIs holding more than 30% in Indian cos Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. To read the full report click on the attachment

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