SURYODAY SMALL FINANCE BANK LTD (ACCUMULATE)
Sector: Banking / Industry: Bank - Private
Market Cap: 1,661.99/- Cr. / Category: Small Cap
Current Price: 156.55/- Target Price: 210, 227/- Stop loss: 140
Ticker: NSE: SURYODAY Recommendation: BUY (Buy Above 160)
Highlights
We issue a Buy recommendation on Suryoday Small Finance Bank. Based on a 12 -weeks
Target price of 210, 227/- offering a 41.87% upside potential from its closing price of
156.55/- on 26/12/2023. Our recommendation is primarily driven by Elliott wave theory:
Elliott Wave Theory Outlook – SURODAY SFB ltd, Buy above 160
Incorporated in 2008, Suryoday Small Finance Bank Ltd is a leading Small Finance Bank (SFB) in India.
The company started offering SFB services in 2017. They serve customers in the unbanked and
underbanked segments. Before SBF, the company operated as an NBFC
Leading small Finance Bank
The bank commenced microfinance operations in 2009 and has since expanded operations across 14
states and union territories, customer base to ~2 million, employee base to 5252 employees, and
distribution reach to 565 Banking Outlets including 158 Unbanked Rural Centres (URCs).
Diversified Product portfolio It currently offers a variety of asset and liability products and services.
The asset products are offered through 360 centres, and they consist of an inclusive finance portfolio
(comprising loans to Joint liability Group (JLG) customers), commercial vehicle loans, affordable housing
loans, micro business loans, unsecured micro, small and medium enterprise loans, secured business
loans, financial intermediary group loans, and other loans.
In this technical research report we’re going to take a quick look at the Elliott wave chart of Suryoday
SFB ltd. As our members know, the stock is showing impulsive bullish sequences that are calling for
further strength. Our team recommended members to avoid selling, while keep favouring the long
side. Currently the stock is in a sideways corrective structure. The stock might give a breakout from
the current level. The stock is currently trading in wave ((4)) Triangle pattern that has unfolded as
corrective a-b-c-d-e pattern in a daily time frame. The price might reach extreme zone at 210 - 227
level We don’t recommend selling the stock and prefer the long side from the 0.382 & 0.50 % Fib
retracement level. As the Primary trend is already bullish in a higher time frame, we expect to see at
least 1 last wave bounce from our buying zone. Once price bounce reaches 0.618% Fib against the
(wave 5) high, we will make long position risk free (put SL at Breakeven) and take partial profits.
Invalidation for the long trades is at 140 level.
Disclaimer: I am not a SEBI Registered Research Analyst. The information provided here
is for educational purpose only. I will not be responsible for any of your Profit/Loss with this
recommendation. Consult your financial advisor before taking any decisions.
Futures, options, stocks, ETFs and over the counter foreign exchange products may involve
substantial risk and may not be suitable for all investors. Leverage can work against you as
well as for you. You should therefore carefully consider your investment experience as well
as financial condition before deciding if trading is suitable for you or not.
Market Cap: 1,661.99/- Cr. / Category: Small Cap
Current Price: 156.55/- Target Price: 210, 227/- Stop loss: 140
Ticker: NSE: SURYODAY Recommendation: BUY (Buy Above 160)
Highlights
We issue a Buy recommendation on Suryoday Small Finance Bank. Based on a 12 -weeks
Target price of 210, 227/- offering a 41.87% upside potential from its closing price of
156.55/- on 26/12/2023. Our recommendation is primarily driven by Elliott wave theory:
Elliott Wave Theory Outlook – SURODAY SFB ltd, Buy above 160
Incorporated in 2008, Suryoday Small Finance Bank Ltd is a leading Small Finance Bank (SFB) in India.
The company started offering SFB services in 2017. They serve customers in the unbanked and
underbanked segments. Before SBF, the company operated as an NBFC
Leading small Finance Bank
The bank commenced microfinance operations in 2009 and has since expanded operations across 14
states and union territories, customer base to ~2 million, employee base to 5252 employees, and
distribution reach to 565 Banking Outlets including 158 Unbanked Rural Centres (URCs).
Diversified Product portfolio It currently offers a variety of asset and liability products and services.
The asset products are offered through 360 centres, and they consist of an inclusive finance portfolio
(comprising loans to Joint liability Group (JLG) customers), commercial vehicle loans, affordable housing
loans, micro business loans, unsecured micro, small and medium enterprise loans, secured business
loans, financial intermediary group loans, and other loans.
In this technical research report we’re going to take a quick look at the Elliott wave chart of Suryoday
SFB ltd. As our members know, the stock is showing impulsive bullish sequences that are calling for
further strength. Our team recommended members to avoid selling, while keep favouring the long
side. Currently the stock is in a sideways corrective structure. The stock might give a breakout from
the current level. The stock is currently trading in wave ((4)) Triangle pattern that has unfolded as
corrective a-b-c-d-e pattern in a daily time frame. The price might reach extreme zone at 210 - 227
level We don’t recommend selling the stock and prefer the long side from the 0.382 & 0.50 % Fib
retracement level. As the Primary trend is already bullish in a higher time frame, we expect to see at
least 1 last wave bounce from our buying zone. Once price bounce reaches 0.618% Fib against the
(wave 5) high, we will make long position risk free (put SL at Breakeven) and take partial profits.
Invalidation for the long trades is at 140 level.
Disclaimer: I am not a SEBI Registered Research Analyst. The information provided here
is for educational purpose only. I will not be responsible for any of your Profit/Loss with this
recommendation. Consult your financial advisor before taking any decisions.
Futures, options, stocks, ETFs and over the counter foreign exchange products may involve
substantial risk and may not be suitable for all investors. Leverage can work against you as
well as for you. You should therefore carefully consider your investment experience as well
as financial condition before deciding if trading is suitable for you or not.
Elliott wave Analysis, All types of Asset classes are covered like, Indices, Stocks, Currencies and commodities.