Buy Havells India; target of Rs 395: IIFL

IIFL is bullish on Havells India and has recommended buy rating on the stock with a target of Rs 395 in its May 9, 2011 research report.

"Havells India had been moving in a rising channel since February 2011. On the daily chart, it retreated from the resistance level of Rs 420 in last week of April 2011; however volumes failed to expand during declines which reinforces positive trend in the indicator. Last week the decline got arrested at the lower band of the channel mentioned above, which coincides with the support of its 100-DMA. On Friday, the stock bounced back from the support and rallied ~5%. We expect this recovery to continue in the near term. Currently the stock is placed above the support of 100-DMA and we expect the support to remain intact on a closing basis. We advise buying the stock above Rs 385 with stop loss of Rs 380 for target of Rs 395,

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