Buy REC with target of Rs 231: LKP

Buy Rural Electrification Corporation (REC) with a target of Rs 231, says Rakesh Gandhi, Senior Technical Analyst, LKP.

Gandhi told CNBC-TV18, "REC has been in a falling channel kind of formation; it has taken a break out at a level of Rs 200 and pulled back for a while. Now it has restarted an upward momentum crossing over the Rs 208 level, which was an important level for the stock." He further added, "I think it has build up a strong momentum at the current levels and could inch upto higher levels, today I would buy this stock for a target of Rs 231 and with a stop loss of Rs 219." Click HERE to know the rules and follow the score card