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Buy Allahabad Bank; target of Rs 180: Padmakshi Financial
Padmakshi Financial Services is bullish on Allahabad Bank and has recommended buy rating on the stock with a target of Rs 180 in its September 21, 2011 research report.
Padmakshi Financial Services is bullish on Allahabad Bank and has recommended buy rating on the stock with a target of Rs 180 in its September 21, 2011 research report.
"Allahabad Bank is witnessing strong rise in Open Interest since last 1 week or so with the number of shares rising by over 25% to 2.38 mn. The Cost of carry or the Basis has been steadily + ve at around 50-70 paise during the phase. The stock price is at a crucial support level and buildup in the futures segment suggests accumulation. We recommend to BUY the stock with a target of Rs. 180 which is a 9% upside from current levels as the positions in futures segment are likely to get converted into delivery based buying. Time frame for the recommendation would be 1 month. One can keep a stop loss of Rs. 162 for the trade," says Padmakshi Financial Services research report.
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