GT Offshore Ltd (Buy, above Rs389 Target Rs414): GT Offshore has been consolidating in narrow range of Rs350-384 since last couple of weeks. However after yesterdays close above Rs384, a range breakout is seen on the upside which is likely to act as trigger for sharp up move in the counter. With MACD signaling bullish crossover and prices closing above the 50DMA , the authenticity of the rally increases and also provides better risk reward ratio from the current levels. Immediate resistance is seen at Rs416 which corresponds to the 200 DMA and above which stock should head towards Rs477.We advise buying stock above Rs389 with stoploss of Rs378 for Target Rs414.
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