Buy Texmaco : India Infoline

CMP Rs148, Target Rs170, Upside 15.2%

India Infoline said that based on ‘inverted head and shoulder’, they project conservative target of Rs175 which is marginally higher than Dec 2009 peak of Rs170.5. However, in case prices are able to sustain above Rs175, next leg of rally can take prices all the way to its all time peak of Rs196. They thus advise accumulating the stock in the range of Rs141-147 with stop loss of Rs132 for target of Rs176.

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