India Infoline puts BUY on CESC

India Infoline puts BUY on CESC

CESC recorded its 52-week low of Rs165 in late October 2008. Thereafter it stock rallied smartly to a high of Rs248 levels in early November 2008.

Sharp rally in the past couple of days accompanied buy decent volume is likely to see the stock touching its quarter high of Rs245. Daily chart indicates formation of higher bottom and lower bottoms.

The short-term support level for the stock is placed at Rs218 levels. The daily momentum oscillators like RSI and MACD has generated a buy signal.

Keeping in mind the above-mentioned technical evidences, we suggest traders to BUY the stock at current levels and on declines to support of Rs222-226 with a stop loss of Rs217 for target of Rs245 and Rs253.