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India Infoline puts BUY on BEML

India Infoline puts BUY on BEML
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First Published: Tue, May 05 2009. 10 15 AM IST
Updated: Tue, May 05 2009. 10 15 AM IST
On the daily charts, the stock gave an upside breakout in Monday’s trading session. It suggests that the sideways range is about to end. On Monday, the stock rallied by over 3% confirming the bullish set up.
We continue to remain positive on the stock from technical perspective, as the stock has managed to hold on to its short-term support trendline in ongoing market volatility.
The daily momentum oscillators i.e. RSI and MACD are suggesting strength in the upmove. A move above Rs540, could take the stock above Rs570 in the near term.
Keeping in mind the above-mentioned observations, we suggest traders to BUY the stock in the range of Rs532-540 with a stop loss placed at Rs522 levels for an initial target of Rs575.
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First Published: Tue, May 05 2009. 10 15 AM IST
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