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We recommend a buy in Ansal Properties and Infrastructure at current price. We note from the daily chart that Ansal Properties has been consolidating at lower levels following the steep correction from the December 2006 high of Rs 567 to April low of Rs 220. This sideways movement appears to be a falling wedge pattern. Falling wedge patterns have bullish implications. We note that the stock has broken out of this pattern this week. The stock has also risen above the down trend line joining the peaks formed in December 2006 and May 2007 which is very positive from a long-term perspective. The immediate support for the stock is at Rs 265 and the next support is at Rs 230. We expect the stock to move up to the resistance range of Rs 350-365 in the short term. The short term investors can buy the stock with a stop at Rs 270.

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