Mcleod Russel –Buy- India Infoline
A detailed study of daily chart suggests that Mcleod Russel has made several attempts to break above the resistance zone of Rs240-242. The stock had been facing resistance around its 100-DMA since January 2010.
On Wednesday, the stock gave an upside breakout. This was accompanied by smart surge in volumes. We expect the range-bound trading to come to an end and is likely to resume its up-trend. The stock rallied by 3% yesterday confirming the bullish set up.
We continue to remain positive on the stock from technical perspective as the stock has managed to hold its short-term support trendline in ongoing market volatility. We recommend traders to BUY the stock in the range of Rs242-247 with a stop loss of Rs236 for target of Rs265.
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