Buy Mcleod Russel; target of Rs 294: IIFL

IIFL is bullish on Mcleod Russel (India) and has recommended buy rating on the stock with a target of Rs 294 in its May 30, 2012 research report.

“Daily chart of Mcleod Russel suggests formation of distinctive pattern, which signals medium term rally after closing near the peak of the trading band of last five weeks. On Tuesday, the stock attempted broke out with impressive volumes. A move above Rs282, is likely to lead to a potential upside up to the levels of Rs300 and above. Technically, the stock is showing strength along with the momentum, and given the positive oscillators set-up, the stock could outperform as long as it sustains above 50-DMA around Rs273. We recommend traders to buy the stock above Rs282 for a short-term target of Rs294. It is advisable to maintain a stop loss of Rs276. (Duration 5 days),” says IIFL research report.

Non-Institutions holding more than 90% in Indian cos

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