Sanjeev Agarwal, CEO of Dynamix Research & Capital Management advises to exit Vijaya Bank at around Rs 50-55.
Sanjeev Agarwal, CEO of Dynamix Research & Capital Management told CNBC-TV18, "Technically Vijaya Bank is looking quite weak. Lot of these banks are showing gap down because of very heavy dividend payout. However, if one sees the chart, these paybacks bring down their cost of acquisition. So, I think Rs 50-55 should be a good price to exit because I am not very bullish about any equities for the next another 8-10 months."
At 15:40 hrs Vijaya Bank was quoting at Rs 46.40, down Rs 3.90, or 7.75 percent. It has touched a 52-week low of Rs 45.15.
The share touched its 52-week high Rs 67.10 and 52-week low Rs 45.80 on 09 January, 2013 and 28 March, 2013, respectively. Currently, it is trading 30.85 percent below its 52-week high and 1.31 percent above its 52-week low. Market capitalisation stands at Rs 2,299.30 crore.