Aditya Birla Money is bullish on Andhra Bank and has recommended buy rating on the stock with a target of Rs 150 in its May 26, 2011 research report.
"Andhra Bank has been trading in a wide range of Rsd 130 and 155 since last 4 months. In early May the stock breached the support at Rs 130 and made an intraday low of Rs 128 only to bounce back sharply and close within the range. With this price action the stock has formed a Crack and Snap pattern indicating that prices could now once again edge towards the upper end of the range at Rs 155. The stock after rising sharply from Rs 128 to 144 has been witnessing minor correction since last few days."
"Two consecutive bullish patterns viz a Hammer and a Doji formed in last two days indicate that buying interest is creeping in. A breach above the immediate resistance at 138 would confirm the resumption of up move towards 155. Daily momentum has given a positive crossover from oversold zone adding strength to our bullish expectations. Buy Andhra Bank above Rs 138 for a target of Rs 150 with stop placed below Rs 134 on closing basis," says Aditya Birla Money research report.
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