Bidding adieu to 2022 with Ujjivan, the dark horse amongt banks
The last two weekly candles shows buying strength demonstrated by a piercing pattern.. monthly chart is showing uncertainity with a doji formation, probably triggered by the large scale covid spread in China leading to fears of another round of higher NPAs for the SFB..
On the positive front, one can look forward to the quarterly business snapshot which the bank has been declaring to the bourses after each quarter...with the added bonus that one is coming closer to the actual merger and the current discount on the merger valuation will soon be narrowing....
I am visualizing a cup and a handle pattern formation and going with a view to go long at the present level with a stop loss of 228.80 for T1 of 415 and final target of 525
On the positive front, one can look forward to the quarterly business snapshot which the bank has been declaring to the bourses after each quarter...with the added bonus that one is coming closer to the actual merger and the current discount on the merger valuation will soon be narrowing....
I am visualizing a cup and a handle pattern formation and going with a view to go long at the present level with a stop loss of 228.80 for T1 of 415 and final target of 525
Comment:
It needs to break out of 310-13 resistance decisively, obviously the trigger would have to be the merger greenlight by the powers to be... meanwhile, the valuation gap between the sfb and the holding company continues to widen