ICICIdirect.com is bullish on Havells India and has recommended to buy rating on the stock with a target price of Rs 1050, in its research report dated April 10, 2014.
"Havells India, Nifty is trading at record highs fuelled by strong & consistent FII inflows of over Rs.35000 cr in equities since Feb 13, 2014. The NSE advance decline ratio has also aligned itself to upbeat mood and is presently at best level for the year. While the money flows are seen in beaten down spaces, the flows are also continuing with out performers like Havells, which has moved up strongly from 760 to 900 levels.
Surprisingly, in the futures segment, the open interest in the stock is at the lowest level since February 2013. We believe the shorts which were built up on the back of Sylvania news are getting covered and the stock is making new highs now. The OI has come down by 24 percent since the stock moved up from 760 levels.
In the delivery segment, the stock had seen sharp pick up in delivery, when it was trading at 860-880 levels. These levels may act as an immediate support zone.
In the month of March, the stock had given a break out above the short term consolidation seen at 880 levels. It moved up till 950 levels thereafter. After witnessing a bout of profit booking from the life highs, the stock is again reverting from this major support of 880 where good delivery pick up was also seen before", says ICICIdirect.com research report.
Recommendation:
Buy Havells India in cash in the range of Rs 897-910
Target: Rs 1050
Stop loss: Rs 833 on closing basis
Time Frame: Three months
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
To read the full report click here
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