Buy Coal India Ltd For Target Rs.255/272 - LKP Securities
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Future Outlook
• Coal India posted its highest Q1 production despite heavy rains at some of its mines.
• Its despatches to the non-power sector too was the highest and the Rs 1400bn PSU Giant trades at inexpensive valuations and also has a compelling dividend yield of 8%.
Technical Commentary
• The stock is on the brink of a significant breakout from a falling trendline, indicating a potential shift from bearish to bullish.
• Immediate resistance is present at 245. Successfully surpassing this level could lead to an acceleration of positive momentum in the stock's price.
• Support is visible at 220, serving as a safeguard against downward movements. A breach below this support might empower the bears and potentially steer the stock lower.
• The momentum indicator, RSI, is entering the territory above 60, affirming a bullish bias and suggesting increasing positive momentum.
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