|Buy Range||173 – 179|
|Target||193 – 200|
|Duration||15 – 20 Trading Sessions|
|Potential Return^||8 – 12%|
|CMP#||Idea||Buy Range||Target||StopLoss*||Duration||Potential Return^|
|178.75||BUY||173 – 179||193 – 200||164.8||15 – 20 Trading Sessions||8 – 12%|
# CMP – closing market price on Nov 25, 2019
* Maintain recommended StopLoss by daily closing basis.
Once 1st target hit, reset StopLoss at 186.
^ The returns are calculated based on CMP#
Verify DCB Bank Analysis
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DCB Bank is an Indian commercial bank operates through Treasury operations, Retail Banking, Wholesale banking and other segments. The company offers different products such as Current accounts, savings accounts, fixed deposits, portfolio investment schemes, small credit, MSME credit, car and home finance etc. As of March 2019, the bank has operated through 333 branches and 504 ATMs across India. In Q2FY20 the company has reported net interest income of Rs.313.36 crore and Net Profit of Rs.91.41 crore as against net income of Rs.281.84 crore and net profit of Rs.73.44 crore in the corresponding period last year, registering a growth of 24.47% in bottom line.
TECHNICAL OBSERVATIONS (WEEKLY)
- As shown in the Weekly chart, the long term trend is positive since 2017. Price had taken multiple support on the baseline along with price rise.
- Current weekly low is just above the trendline. Based on the historical price pattern we may expect price to move upwards from here.
TECHNICAL OBSERVATIONS (DAILY)
- The stock is seen consolidating above the baseline over the last few days indicating accumulation at the lower levels.
- The recent closing has formed Bullish Harami candlestick at its support. Such a candlestick formation indicates bearish trend may be reversing and it may be a good time to enter into a long position.
- A daily momentum indicator Stochastic showing positive crossover just above its oversold level (20), points out for a positive breath in the stock.