India Infoline puts BUY on Indian Oil

India Infoline puts BUY on Indian Oil
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First Published: Wed, Apr 29 2009. 10 42 AM IST
Updated: Wed, Apr 29 2009. 10 42 AM IST
The stock has been consolidating in a range between the levels of Rs430-447 from last one week. On Tuesday, the stock attempted to breakout from the upper-end of this trading range.
Moreover, on the daily chart, the stock has formed a Bullish Candlestick suggesting upside from the current levels. The daily RSI is already in strong buy mode.
The stock has closed above all its key daily moving averages. A move past the levels of Rs450 could take the stock towards the levels of Rs470-475 in the short-term.
Keeping in mind the above-mentioned evidences, we recommend high-risk traders to BUY the stock between Rs445-451 with a stop loss of Rs437 for an initial target of Rs470.
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First Published: Wed, Apr 29 2009. 10 42 AM IST
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