South Indian Bank potentially performing well above the 29.50 levels on daily chart
if surpassed, could unlock substantial bullish momentum for the stock. This analysis delves into the factors supporting a bullish outlook above these levels.
bullish chart patterns forming around the 29.50 level.
Disclaimer:
Please note that I am not a SEBI-registered...
Fundamentally its the cheapest bank in all banks.
Technically it gave a super move but ultimately came down with markets.. Also becoz of the rights issue shares at Rs.22 levels.
Now the rights issue is closed and its fully subscribed.. Once this stock crosses 30.50 level and close above it.. momentum should come back and it has a potential to double..
My...
BV=25.5, IV=40
Positive: OPM>50%, CAGR=18% last 5 yrs, NPA reduced, Net Profit increased last 5 yrs, PE<10, PEG<1
Negative: Huge Debt/Borrowings/Liabilities, increased for last few yrs, ROCE<10%, Debt to Equity>8, ROE<5 last 3 yrs, Poor Sales growth p.a., Net cashflow
Accumulate the stocks in proper support as drawn; a route to find the root to reach safely
The Elliott Wave Structure refers to the framework and pattern of price movement in financial markets as described by Elliott Wave Theory.
According to the Elliott Wave analysis, waves (i) and (ii) have concluded for the stock; these waves are represented on the daily chart as blue numbers. Wave (iii) currently appears to be in progress.
Wave (iii) is expected...
-about to break symmetrical triangle pattern after retest with high volume, rsi already given breakout with high momentum keep in radar can give decent return in very short term
Rounding Bottom Monthly Basis.
Breakout from the all time high of Jan 2018.
Hold for 6-7 Months Target is 66.
Please do your own Fundamental Research though
#SOUTH INDIAN BANK MultiYear Breakout with big Volume on Weekly chart.
Techincal
RSI-Above(50)
RS-Positive
Fundamental Looking Good
Int. On Advance-Increasing(Qtrly Basis)
Total Net Profit-780 Cr(including All 3 Qtr 2023-24)
Total Net Profit-775 Cr(fy-2023)
Net NPA-1.61%(Declining qtry basis) Positive
PE-6 Apprx(below Industry PE-17)
Strategy-Buy on Dip
Stop...
Date : 24-02-2024
Buy South Indian Bank above 40.5
Target of 49-55-75-85
SL 25
Accumulation zone : 31-27
Strategy : SBO + EMA above 20 & 50
Duration few weeks to Months
Please consult your financial advisor before investing
All research for educational purposes only.
1) 14.10 - 16.50 -> strong supply zone
2) Wave 4 seems to be completed in this impulse move with ABCDE corrective pattern completed.
3) If this wave sustains over 21.70, confirmation of wave 5 is done.
4) Targets -> 25.30, 32.75
Views are personal, only for knowledge sharing.
Not a recommendation.
With the Bank Index been weak..its affected all the co's which even gave good results from the sector.
The bank seems poised for a move over the next few months with all its Ratios (Except CASA) being in optimal zone.
Long at current price with stoploss below 31 and this might even be one where you ignore the SL and instead average downwards.
There is slight...
Stock has breakout and retest from rounding bottom pattern and also trading all time high levels by breaking 2018 levels and ready to fly from current levels. Can initiate long at current levels with risk @ 33.
