ICICIdirect recommends buying Ingersoll Rand in the range of Rs 500-485 for target of Rs 610 with stop loss of Rs 460 on a closing basis.
 
Commenting on the rationale, the stock broker said,"The stock entered a sustainable up trend after breaking out of a yearlong basing formation in the range of Rs 430-310 during March 2014 signalling end of the intermediate correction and resumption of a medium-term bull trend.

More recently, the stock was seen consolidating above 38.2% Fibonacci retracement of the preceding rally (344-478) and March breakout area, both coinciding near Rs 430 over the last six weeks. The stock concluded this consolidation and rose to a two-year high in the current week further bolstering the bullish price structure suggesting continuance of the strong uptrend.

Considering the overall positive structure, we expect the stock to rally towards Rs 612 in the near term being the equality of the previous up leg (344-478=134 points) as projected from the breakout level of Rs 478 (478+134=612)."

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