Autoline Industries –Buy- India Infoline
After trading sideways for almost 10 months, the stock has given breakout from falling channel last week after the stock successfully managed to close above the upper range of channel corresponding at Rs136 with good volumes.
Such a breakout is likely to trigger positive momentum in the near term with upper range of resistance getting converted to support zone. Similar breakout is also seen in daily RSI oscillator as underlying strength in the counter has forced RSI to move above last six months of intermediate peaks.
We expect buying momentum in the counter to remain upbeat in coming week and hence advise buying stock in range of Rs143-146 with stop of Rs140 for target of Rs162
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Category: Broker tips
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