Buy GAIL India; target of Rs 500: IIFL - Moneycontrol.com -

IIFL is bullish on GAIL India and has recommended buy rating on the stock with a target of Rs 500 in its September 7, 2010 research report.

“GAIL India has been in consolidating mode past two months after stock hit an all time high of Rs 517 in the month of June 2010. The consolidating pattern has lead to appearance on Inverted Head& shoulder pattern which is a bullish structure and sustainable move past Rs 470 can extend rally in the counter towards levels of Rs 517.On weekly chart the bullish support line continue to remain intact which suggest follow up buying taking place during dips. A hammer pattern on Friday’s trading session followed with white candle on yesterdays trading session indicates classical bullish reversal on daily chart. We advise buying stock above Rs 471 with stop loss of Rs 459 for target of Rs 500,” says IIFL research report.

From: http://www.moneycontrol.com/news/recommendations/buy-gail-india-targetrs-500-iifl_483186.html