Sell UJJIVAN FINANCIAL SERVICES
|Sell Range||358 – 345|
|Target||310 – 295|
|Duration||20 – 25 Trading Days|
|Potential Return^||10 – 14%|
|CP#||Idea||Sell Range||Target||StopLoss*||Duration||Potential Return^|
|344.3||SELL||358 – 345||310 – 295||365||20 – 25 Trading Days||10 – 14%|
# CP – closing price on Dec 10, 2019
* Maintain recommended StopLoss by daily closing basis.
Once 1st target hit, reset StopLoss at 327.
^ The returns are calculated based on CP#
Ujjivan Financial Services, a microfinance institution, provides retail banking services and a range of financial services to economically active poor in an urban and semi-urban area in India. Ujjivan offers a diverse range of loan products which can be classified under two broad categories, namely, Group Loans and Individual Loans. Depending upon the end-use, these products can be further sub-divided into agricultural, education, home improvement, and home purchase and livestock loans. The consolidated revenue rose 52.56 per cent to Rs 691.35 crore as against the year-ago period.
|Sectoral Index||Financial Services|
TECHNICAL OBSERVATIONS (WEEKLY)
- Attached weekly time-frame shows, the stock price has been moving in a broader sideways range in more than two tears, and the stock price was showing lack of strength to sustain any directional move during this period.
- Presently, the stock price has placed near the upper end of a sideways range which had been tested several times in the past and based on historical price pattern we are expecting the price to fall off from here.
TECHNICAL OBSERVATIONS (DAILY)
- After a consistent uptrend in the last 18 days, the stock price has broken the support of near 350 levels.
- Further, volumes have been healthy in this breakout confirming the bearishness.
- RSI(14) crossed below the overbought levels 70 signalling lack of strength in the upside momentum and could eventually shift into the strengthening of downside momentum.