India Infoline keeps BUY on GMR Infra

India Infoline keeps BUY on GMR Infra
Comment E-mail Print Share
First Published: Wed, May 20 2009. 09 46 AM IST
Updated: Wed, May 20 2009. 09 46 AM IST
In our view, the stock has completed its downfall and has created a medium-term support around the levels of Rs68. From the current level, the stock can only move towards one direction, i.e. upwards.
The daily RSI has been displaying positive divergences for last three sessions. After hitting the lows of Rs52 in October 2008 the stock has seen the formation of higher bottom.
After creating a base around Rs65-68, the stock has moved up steadily. Based on the above evidences, we recommend traders to BUY the stock at current levels and on declines up to the levels of Rs149 with the support of Rs144 for an initial target of Rs165.
Comment E-mail Print Share
First Published: Wed, May 20 2009. 09 46 AM IST
More Topics: Stock Ideas | Money Matters | Equities |