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India Infoline puts BUY on Neyveli Lignite

India Infoline puts BUY on Neyveli Lignite
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First Published: Thu, Jul 02 2009. 10 35 AM IST
Updated: Thu, Jul 02 2009. 10 35 AM IST
The stock has broken out from a Symmetrical Triangle pattern. The stock had been moving back and forth within the context of the Triangle from third week of June 2009.
In the above formation, it has converging trendlines that come together at an apex. It is considered a bullish set up. This pattern is marked by a series of lower tops and higher bottoms.
Moreover, on the daily chart, the price movements appear to have formed a higher bottom formation. A move past the levels of Rs131-132 will see the stock attempting Rs140.
We recommend traders to BUY the stock in the range of Rs128-132 with a stop loss of Rs123 for target of Rs140.
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First Published: Thu, Jul 02 2009. 10 35 AM IST
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