Buy Cummins India; target of Rs 515: IIFL

IIFL advised trades to buy Cummins India above Rs 495 with a stoploss of 485 for a target of Rs 515 in its January 25, 2013 research report.

“Cummins India has created a strong base around Rs490‐491 levels in last few trading sessions. Same level coincides with its 100‐DMA, suggesting strength in the counter. Formation of an Inverted Hammer on 21st Jan 2013 has led to a bullish reversal in the counter. Since then, the stock has seen formation of higher top and higher bottom. Based on observation of positive crossover in oscillators and impressive volumes, it is likely that stock will continue its uptrend in the short term. (Duration 5 days) Cummins India (buy, above Rs495, target- Rs515, SL- Rs485),” says IIFL research report.

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