Aditya Birla Money is bullish on UCO Bank and has recommended buy rating on the stock with a target of Rs 102 in its May 27, 2011 research report.
"UCO Bank, with its recent fall from Rs 121 levels, UCO bank is once again testing prior swing lows at 92 levels. Since last 6 sessions, UCO Bank has been holding above 92 zones forming candles with long lower wicks indicating buying creeping in. A breach above 94.75 would lead to Bulls gaining control that could then push prices higher towards Rs 102."
"According to wave structure, UCO bank seems to have completed a five wave down move of which the last leg was an ending diagonal and now a three wave up move could be witnessed. Daily momentum is rising after having formed a positive divergence with prices adding strength to our bullish expectations. Buy UCO Bank above Rs 94.75 for a target of Rs 102 with stop placed below Rs 92.30 on closing basis," says Aditya Birla Money research report.
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