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Updated:28 Jul 2014 11:33:00 AM(IST)

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RELIANCE 1007.60 [ -1.39% ]TCS 2570.05 [ -1.37% ]ICICIBANK 1463.00 [ -0.86% ]


INVESTMENTGURUINDIA.COM - BUY ORIENTBANK FOR TAGRET 375..

By Igi on Sep 02, 2011 at 01:20 AM

5
+ -
SOURCE INVESTMENTGURUINDIA.COM

On weekly chart, ORIENTBANK at CMP is holding right at important support (292) formed through the convergence of rising demand line (From trend line lows of 224.25 on January 2010), 200 Days exponential moving average (292) and Fibonacci support levels. This indicates the stock is ready to move upward from the bottom levels. On the momentum indicators front, MACD and RSI are showing upside momentum on the daily chart. On weekly chart, the stochastic oscillators are in heavily oversold territory, indicating that bounce back on the upside can help to test at 342 and 354 levels in near run. The stock has found a bottom at 280-290 levels on monthly chart and if it moves above 355 levels and then the stock may face the upside targets of 375 levels. On the lower side, the support lies at 300 and 283 levels. Investors are advised to accumulate the stock at current levels for medium term to long term gains.
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SOURCE INVESTMENTGURUINDIA.COM
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1 Comments
By Anivesh on Aug 31, 2011 10:21 AM
Buy Oriental Bank of Commerce with a target of Rs 336 and stop loss of Rs 300, The stock is currently trading at Rs 318, up 1.6% on the BSE.


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