IIFL is bullish on Vijaya Bank and has recommended buy rating on the stock with a target of Rs 61.50 in its January 25, 2012 research report.
"Vijaya Bank has given a breakout from the downward sloping resistance line on the daily chart. Weekly line chart shows a breakout from a falling wedge pattern. Such back to back confirmation on short term and medium term chart supports our buying argument at current levels and provides better risk-reward ratio. The rally was accompanied with a positive crossover in RSI, earmarking inherent strength in the counter. Also in the process, the stock registered a close above 100-DMA for the first time since April 2011. Based on above observations, we recommend traders to buy the stock above Rs57 with stop loss of Rs 55 for target of Rs 61.50. (Duration 5 Days)," says IIFL research report.
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