India Infoline puts BUY on Balrampur Chini

India Infoline puts BUY on Balrampur Chini
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First Published: Fri, Jul 31 2009. 09 19 AM IST
Updated: Fri, Jul 31 2009. 09 19 AM IST
On Wednesday, the stock surged sharply on impressive volumes above its critical resistance levels of Rs112-114. It now faces a resistance at Rs127-130 levels and should have a minimum upside till that level.
Our argument is further validated after the stock gave an upside breakout in yesterday’s session as the price broke through the top of a trading range. Moreover, the stock has given a close above its short-term moving averages.
We recommend traders with high risk appetite to BUY the stock in the range of Rs115-120 with a strict stop loss of Rs111 for an initial target of Rs128.
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First Published: Fri, Jul 31 2009. 09 19 AM IST
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