Business Daily from THE HINDU group of publications
Thursday, Nov 15, 2007
ePaper | Mobile/PDA Version

Cross Currency

Group Sites

Home Page - Stocks
Markets - Recommendation
Today's Pick: Allahabad Bank (Rs 108.35)

We recommend a buy in Allahabad Bank at current levels. From the weekly chart we see that the stock is in a long-term up trend since July 2006 low of Rs 53, forming higher peaks and higher troughs. However, from the daily chart, we note that the stock met with resistance at Rs 108 in July 2007 and began to decline. The price action since this July peak appears to be an ascending triangle pattern and the stock is currently on the verge of breaking out of the upper boundary of this pattern. The ascending triangle pattern is generally a bullish pattern. The volumes have been increasing for the past two trading sessions. Moreover, the stock’s medium-term uptrend that commenced from the August trough of Rs 80 is still in place. The daily and weekly RSI are featuring in the bullish region. Immediate support for the stock is at Rs 100 and the subsequent support is at Rs 90. Short-term investors can buy the stock with stop loss at Rs 98. We expect the stock to break out of the ascending triangle pattern and reach Rs 126 level in the short term.

Yoganand. D

More Stories on : Stocks | Recommendation

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Clasic PNB Hiring

Stories in this Section
BSNL’s GSM contract hits another roadblock

Mobile user base up by 5.7 m in Oct
Today's Pick: Allahabad Bank (Rs 108.35)
Day Trading Guide
Fewer floating shares in realty
Small-cap steel stocks turn attractive
Excise revenue rises 14% in Oct
‘Net TV will struggle to gain foothold here’
Tight liquidity conditions likely to ease soon
Sensex rises 893 pts, highest single-day gain
How expensive is the Indian market?
Rise in turnover: Gold, silver, lead, crude rule commodity bourses
SBI has strong case for rights issue, says Chidambaram
FII applications pouring in: Damodaran
SEBI encouraging markets to move onshore
Net’s next frontier — your mobile phone!

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2007, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line