ICICIdirect.com is bullish on Canara Bank and has recommended buy rating on the stock with a target price of Rs 510, in its research report dated June 30, 2014.
"The share price of Canara Bank signalled a medium term trend reversal during late May 2014 as it steered past the most dominating overhead trendline drawn off 2010 highs. A strong volume led breakout past a four year supply line indicated strong come back by the bulls in the present scenario.
Over the last five weeks the stock is seen consolidating sideways in a narrow range of Rs 415-495 levels. This sideways consolidation preceded by the strong breakout rally from March low of Rs 212 to May 2014 high of Rs 491 is seen as a healthy breather taken by the bulls to work off short term overbought conditions. We believe this consolidation is likely to act as a launch pad for further northward journey and therefore provides a decent entry opportunity with a good reward/risk set-up to ride the next upmove.
We expect the stock to conclude the current consolidation and head towards Rs 536 levels in the medium term. The price projection is based on equality of the current move from June 2014 low of Rs 416 with the late May 2014 rally which measured 120 points (416+120 = 536), which also coincides with the June 2013 high of Rs 533 levels", says ICICIdirect.com research report.
Strategy: Buy Canara Bank in the range of Rs 450.00-Rs 440.00 for a target of Rs 510.00 with a stoploss of Rs 417.00
For all recommendations, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
To read the full report click here
Anda sedang membaca artikel tentang
Buy Canara Bank; target of Rs 510: ICICIdirect.com
Dengan url
http://harmonisem.blogspot.com/2014/06/buy-canara-bank-target-of-rs-510.html?m=0
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Buy Canara Bank; target of Rs 510: ICICIdirect.com
namun jangan lupa untuk meletakkan link
Buy Canara Bank; target of Rs 510: ICICIdirect.com
sebagai sumbernya
0 komentar:
Posting Komentar