Nov 26, 2012, 06.29 PM | Source: Moneycontrol.com
GEPL Capital has recommended buy rating on Dhanlaxmi Bank while sell rating on Cairn India.
, GEPL Capital |
Dhanlaxmi Bank has been consolidating in a sideways range of roughly 6 Rs. since past one to one and a half months. The mentioned sideways move appears as a consolidation after a sharp upside from the low of 44 till 62 in the earlier months and the likely resolution of this sideways consolidation may be on the upside. Considering the volume activity and positive setup of momentum indicators and also a possible Inverse Head and Shoulder pattern on the daily chart, the stock has the potential for decent appreciation and may test the level of 75 at least over the next couple of months. We recommend a buy on the stock with a stop loss of 54 for an upside target of 75 and even higher.
Cairn India has been in a gear grip since past few months after it reacted from the recent high of 367. It has been trading with a sideways to negative bias since late September till date and appears ripe for follow up decline which can take it down to 311 and even lower. On the long term chart the stock appears to be trading right at the support of an advancing Trend line connecting the important swing lows of 249 and 296. It also has some important support placed at 325 326 on closing basis. In the next few sessions if it breaches this support of 325 then we expect a sharp decline till 311 and even lower in a short span of time. We recommend a sell on the stock with a stop loss of 337 for a downside target of 311 and lower in next couple of weeks.
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The stock gained 2.50 percent to settle at Rs 24.6
"The Board of Directors of the Bank at its meeting
Dhanlaxmi Bank Ltd has informed BSE that the Board
Prakash Diwan of prakashdiwan.in is of the view th
According to Sharmila Joshi of sharmilajoshi.com,