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⭐️ Ultra Equity Advice #122 | Buy | Expected Profit 17-22% | Arijit Banerjee

OUR RECOMMENDATION

  Buy    DCB BANK  

The recommendation is also valid for future trading sessions.
Entry only in between the RECOMMENDED BUY RANGE.

CP#143.5
IdeaBUY
Buy Range120 – 125
Target143 – 150
StopLoss*115
Duration12 – 15 Trading Days
Potential Returns^17 – 22%
CP#IdeaBuy RangeTargetStopLoss*DurationPotential Returns^
143.5BUY120 – 125143 – 15011512 – 15 Trading Days17 – 22%

# CP – closing price on Mar 13, 2020
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 143.
^ Potential returns are calculated based on the median of buy range.

COMPANY OVERVIEW - DCB BANK

DCB Bank (NSE: DCBBANK) is an Indian commercial bank operates through Treasury operations, Retail Banking, Wholesale banking and other segments. The company also 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 Q3FY20 DCB Bank has reported Net Profit of Rs.96.70 crore as against a net profit of Rs.86.10 crore in the corresponding period last year, profit increased by 12.31%.

Stock Data
NSE CodeDCBBANK
Sectoral IndexNifty Bank
52W High244.65
52W Low120.50
Face Value10
Relative Performance_DCB Bank vs Nifty Bank Index

DCB BANK TECHNICAL ANALYSIS (WEEKLY)

DCB Bank Technical Analysis - Weekly Chart
DCB Bank Technical Analysis - Weekly Chart
  • DCB Bank has been trading in a positive trend since 2009. There is a steady support baseline which is moving upwards along with price rise.
  • As long as the price is just above the Ultimate Support, we can go long with this stock. This way, the risk will be limited.

DCB BANK TECHNICAL ANALYSIS (DAILY)

DCB Bank Technical Analysis - Daily Chart
DCB Bank Technical Analysis - Daily Chart
  • The stock has formed few bullish candlesticks near the support. When the broad sentiment is extremely negative, appearance like such candlesticks since the past few days showing confidence in our view.
  • A daily momentum indicator Stochastic is showing a positive crossover above oversold level, which points out for a positive breath in the stock.
  • Volumes have gone up along with price rise.

DCB BANK TECHNICAL ANALYSIS (price vs OBV)

DCB Bank Technical Analysis - Price Vs OBV Chart
DCB Bank Technical Analysis - Price Vs OBV Chart
  • DCB Bank continues to make lower troughs and OBV fails to make lower troughs. This is called a positive divergence.
    (OBV measures buying and selling pressure as a cumulative indicator that adds volume on up-days and subtracts volume on down-days.)
  • OBV shows a divergence from price movement, so we expect a price reversal is imminent.

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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

This research analysis is prepared by Arijit Banerjee, CMT, CFTe. An engineering graduate developed an early interest in Trading since the age of 20. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and also has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts (IFTA), USA. His contribution to the market research was recognized by SEBI, the Regulatory Body of Indian financial market and given him the registration number INH300006582 as a Research Analyst. Over the years, he has gained experience in Technical Analysis with a demonstrated history of working in different asset classes. Himself as a trader, he has trained and continues training novice and experienced traders to become successful, confident and profitable in the financial market.

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.

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