Weekly time frame for the last 8 months price was making Lower low, after big fall now occurring. High probability the price will goto its previous level of Rs .70/-
CMP : 43.25
Any dip / fall is an opportunity for accumulation until 34/-
SL : 30
Target : 70, 88
If you switch to DAILY time frame you will see Inverted Head & Shoulder pattern in forming which is another confirmation and high probability setup.
They provide Rs . 3.50 dividend on average at this price range, it is almost 7% yield per annum and stock is available at 0.25 Price to Book. Due to pressure on the financial sector the stock might be struggling to shoot up. Still it is a good opportunity for us. I'm hoping the stock will continue to attract the investors shortly.
However this stock is fundamentally very strong among other banks. Surely it will goto 80 to 120. But we can't time the market both fundamentally and technically.