India Infoline recommends GMR Infra

India Infoline recommends GMR Infra

The stock has seen massive erosion in value from an all time high of Rs269 in December 2007 to a low of Rs45.60 in October 2008.

The daily oscillators like RSI and MACD had exhibited considerable positive divergences near the Rs45-47 range.

The oscillators are currently exhibiting strength and momentum, which suggests that the rally should gather steam in the coming sessions. The formation of a bullish engulfing candlestick pattern on the weekly charts is also indicating the shift of momentum in favour of the buyers.

Keeping in mind the above-mentioned technical evidences, we recommend traders to BUY the stock at current levels and on declines to support of Rs60-63 levels for target of Rs78 and Rs90. A stop loss of Rs57 is recommended on all long positions.

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