OUR RECOMMENDATION
| CMP# | 97.3 |
| Idea | BUY |
| Buy Range | 95 – 99 |
| Target | 110 – 116 |
| StopLoss* | 90 |
| 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#
COMPANY OVERVIEW
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.
| Stock Data | |
| NSE Code | ORIENTBANK |
| Sector | Nifty Bank |
| 52W High | 105.7 |
| 52W Low | 58 |
| Face Value | 10 |
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.
