Buy Crompton Greaves; target of Rs 132: IIFLPosted on Monday, November 28, 2011 - 12:43 pm
IIFL is bullish on Crompton Greaves and has recommended buy rating on the stock with a target of Rs 132 in its November 28, 2011 research report.
Crompton Greaves has confirmed strong reversal with breakout from the formation of falling wedge after an extended down trend which persisted for almost 5 weeks. The breakout was visible on daily chart and was backed with positive crossover on the daily RSI. Hence forth, in the medium term the stock could attempt 50-DMA placed at Rs 145. Based on above mentioned technical evidences, we recommend traders to buy Crompton Greaves above Rs121 with stop loss of Rs 116 for target of Rs 132. (Duration 4 days), says IIFL research report.
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