Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on telegram
Share on email

Andhra Bank Technical Analysis #83: Sell | Target Rs 17.9 | Arijit Banerjee

CMP#19.9
IdeaSELL
Sell Range20.7 – 20
Target17.9 – 17.5
StopLoss*21
Duration12 – 15 Trading Sessions
Potential Return^10 – 12%
CMP#IdeaSell RangeTargetStopLoss*DurationPotential Return^
19.9SELL20.7 – 2017.9 – 17.52115 – 20 Trading Sessions10 – 12%

# CMP on Sep 03, 2019
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 19.
^ The returns are calculated based on CMP#

COMPANY OVERVIEW

Andhra Bank offers deposit products, including savings and current accounts, term deposits, housing loans, educational loans, personal loans, national savings certificates, life insurance products and other financial services. The company also provides working capital finance, bank guarantees, letters of credit etc. In Q1FY20 the company’s net interest income was improved by 9.6% to Rs.1,650 crore.

Stock Data
NSE CodeANDHRABANK
Sectoral IndexNifty Bank
52W High33.65
52W Low17.1
Face Value10
Relative Performance_Andhra Bank vs Nifty Bank

TECHNICAL OBSERVATIONS (DAILY)

  • The share price of Andhra Bank has been in a downtrend since last few months.
  • Today’s close is just below the steady resistance line which is moving downwards along with price fall and based on historical price pattern we are expecting price to go down from here.
  • Any reactive pullback might be temporary and also indicating an opportunity to go Short as per the levels mentioned in the recommendation box.
Andhra Bank Daily Chart
Andhra Bank Daily Chart

CONCLUSION - ANDHRA BANK SHARE PRICE FORECAST

Based on our short term positional trading tips, Andhra Bank share price target will be 17.9 – 17.5 in the next few days.

MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

ANALYST SUMMARY

The research analysis is prepared by Arijit Banerjee, CMT, CFTe. He is a veteran trader and an active investor having in-depth knowledge in financial market research, advanced technical analysis, market cycle, algorithmic trading and portfolio management. Arijit is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts, USA. SEBI, the regulatory body of Indian financial market also recognizes him as a Research Analyst (INH300006582).

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

Enjoy this recommendation?
Share with your friends

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on telegram
Share on email

Your return could be much more

PROFITABLE!

access our premium recommendations

Swing Trading Advice

3 Months / 6 Months / 1 Year
7990 for 3 months*
  • * referred calendar months here
    e.g. Jan 20, 2020 — April 20, 2020

  • average 5-6 trades/ month
  • indian stocks + major index
  • short to medium term trade
  • ...and other exclusive benefits
Ultra

Subscribe With Us

Get free Trading tips and Investment advice

We respect your privacy.

Recent Posts

Recent Posts

For Business Queries, Call Us (+91) 9477-83-8855

You cannot copy content of this page