Buy Vijaya Bank; target of Rs 57-58: IndiaInfoline

IndiaInfoline has recommended buy rating on Vijaya Bank with a target of Rs 57-58, in its November 23, 2009 research report.

"On the weekly chart, Vijaya Bank is attempting to break out from a 19-month resistance zone. Since past few weeks, the stock was moving in a range of Rs48-52. On Friday, the stock made an attempt to break out from the top of the above trading range also. Moreover, cluster of moving averages are proving good support to the stock at current levels. We expect the stock to stage a smart rally in the near term. Traders can buy the stock with a strict stop loss of Rs 50 for a target of Rs 57-58," says IndiaInfoline research report.

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