Buy Indian Oil Corporation; target of 
340: IIFL
Bangalore: IIFL is bullish on Indian Oil Corporation and has recommended buy rating on the stock with a target of 
340. According to IIFL, IOC has been consolidating in 'flag' pattern with volumes contracting in the declines after hitting an intermediate top of 342.
Indian Oil is an oil company. Its operations include refineries, pipelines and marketing. Its portfolio of brands includes LPGas, SERVO lubricants, XTRAPREMIUM petrol and XTRAMILE diesel. In exploration and production, IndianOil's domestic portfolio includes nine oil and gas blocks and two coal bed methane blocks while the overseas portfolio consists of nine blocks spread across Libya, Iran, Gabon, Nigeria, Timor-Leste and Yemen. The Digboi Refinery of Assam Oil Division (AOD) processed 0.600 million tons of crude oil during the fiscal year ended March 31, 2010 (fiscal 2010). IndianOil's refineries produced 50.696 million tons of crude during fiscal 2010.
During fiscal 2010, the company's marketing division sold 63.030 million tons of petroleum products. The company's subsidiaries include IOT Infrastructure Energy Services, Lubrizol India, Petronet VK, Petronet Cl and IndianOil SkyTanking. According t IIFL, the Daily RSI is also been consolidating above the 50, indicating strength in the stock along with daily price taking support at 20 DMA. With the target price of 340, if the stock is bought on Monday's closing price of 332.35, the percentage of gain would be 2.25 percent.
340. According to IIFL, IOC has been consolidating in 'flag' pattern with volumes contracting in the declines after hitting an intermediate top of 342.
Indian Oil is an oil company. Its operations include refineries, pipelines and marketing. Its portfolio of brands includes LPGas, SERVO lubricants, XTRAPREMIUM petrol and XTRAMILE diesel. In exploration and production, IndianOil's domestic portfolio includes nine oil and gas blocks and two coal bed methane blocks while the overseas portfolio consists of nine blocks spread across Libya, Iran, Gabon, Nigeria, Timor-Leste and Yemen. The Digboi Refinery of Assam Oil Division (AOD) processed 0.600 million tons of crude oil during the fiscal year ended March 31, 2010 (fiscal 2010). IndianOil's refineries produced 50.696 million tons of crude during fiscal 2010.
During fiscal 2010, the company's marketing division sold 63.030 million tons of petroleum products. The company's subsidiaries include IOT Infrastructure Energy Services, Lubrizol India, Petronet VK, Petronet Cl and IndianOil SkyTanking. According t IIFL, the Daily RSI is also been consolidating above the 50, indicating strength in the stock along with daily price taking support at 20 DMA. With the target price of 340, if the stock is bought on Monday's closing price of 332.35, the percentage of gain would be 2.25 percent.