Buy RelInfra for tgt of 1160 -India Infoline

IndiaInfoline has recommended buy rating on Reliance Infrastructure with a target of Rs 1160, in its December 29, 2009 research report.

Reliance Infra is trading 28% lower than its 52-week high of Rs1,404 in October 2009, but higher than its low of Rs45 in March 2009. A detailed study of Reliance Infra shows a distinctive pattern emerging which signals a temporary bottom.  The stock has broken out (as seen in the daily chart) from the overall base-like pattern carved during the past five-weeks.  In fact, the last couple of trading weeks represents a high level bullish congestion area between Rs 1,092-1,056. We believe that the current bullish consolidation is likely to lead to a potential upside, once the 50-DMA is broken.  We recommend traders to buy the stock in the range of Rs 1,095-1,110 for a target of Rs 1,160.  We advise traders to maintain a stop loss of Rs 1,080,” says the IndiaInfoline research report.

Source:  Moneycontrol.com