Friday, 21 November 2008

Buy IVRCL Infra on declines: India Infoline

India Infoline has recommended to buy IVRCL Infrastructure and Projects on declines with a stoploss of Rs 108 and target of Rs 130 in its November 21, 2008 research report. "The stock has witnessed a sharp fall from the levels of Rs 299 from second week of September 2008 to a low of Rs 57 in last week of October 2008. Since then, the stock has made a strong recovery. However, the rally proved to be short-lived as it faced stiff resistance around the levels of Rs 160, pulling the stock lower."

"Despite the ongoing volatility, the stock has managed to hold on to its short-term support trendline. In last few sessions, it has made a promising recovery with impressive volumes. It will complete a bullish breakout if it crosses the levels of Rs 123. Based on above technical analysis, we recommend traders to buy the stock on declines up to the levels of Rs 113. Keep a stop loss of Rs 108 for a short-term target of Rs 130," says India Infoline's research report.

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Source: Moneycontrol

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DISCLAIMER: The author is not a registered stockbroker nor a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity, index or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. The author recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and that you confirm the facts on your own before making important investment commitments.