|Buy Range||95 – 99|
|Target||110 – 116|
|Duration||45 – 50 Trading Sessions|
|Potential Return^||16 – 22%|
|CMP#||Idea||Buy Range||Target||StopLoss*||Duration||Potential Return^|
|97.3||BUY||95 – 99||110 – 116||90||45 – 50 Trading Sessions||16 – 22%|
# CMP on Mar 12, 2019
* Maintain recommended StopLoss by daily closing basis.
Once 1st target hit, reset StopLoss at 103.
^ The returns are calculated based on CMP#
Incorporated in 1901, this Indian commercial bank operates through Corporate and Retail banking, treasury operations and other banking business. Having a network of 2389 branches and 2632 ATM kiosks, the bank offers various deposit accounts, loan accounts, mediclaim services and DMAT services. For the quarter ended 31-12-2018, the company has reported a Standalone interest income of Rs 3071.87 Crore, up 4.3% from the last year same quarter Interest Income of Rs 2945.31 crore. The bank has reported a Net profit after tax of 144.96 Crore in the latest quarter.
TECHNICAL OBSERVATIONS (WEEKLY)
- After a consistent downtrend since May 2017, the stock price has shifted into sharp upside bounce in the last few weeks, crossed above long term resistance zone in December 2018.
- The medium term trend is positive as it has been making higher top – higher bottom formation from the last four weeks.
- The recent development on the price front indicates conclusion of the corrective phase.
TECHNICAL OBSERVATIONS (DAILY)
- The stock price is above the Bollinger Band (15,2).
- ADX and +DI remains in a rising trajectory.
- RSI (14) is in bullish zone crossing above 50.
- Overall a positive chart and momentum pattern indicating an opportunity for a BUY trade. Look to Buy this stock as per the levels mentioned above.