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Buy IVRCL Infrastructure for target of Rs 438: India Infoline

15 Oct 2009, 1203 hrs IST, ET Bureau MUMBAI: India Infoline has advised to buy IVRCL Infrastructure for target of Rs438. ?IVRCL Infrastructure has rallied smartly from a low of Rs 358 in first week of October 2009 to the present levels. On the daily charts, it has formed a pattern of a higher bottom after breaking out from critical resistance levels of Rs 401-404 with impressive volumes. The daily RSI is already in strong buy mode, indicating that the prices are set to rally from the current levels. Infact, the stock has closed above its June 2008 high, suggesting a fresh break-out on the upper side. Any sustainable move on heavy volumes could provide fuel for a stronger rally over the next couple of weeks. We recommend a buy in the range of Rs 408-416 with a stoploss of Rs 398 for a target of Rs 438,? the report said.