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Sell UCO Bank April Future; target of Rs 99: IIFL
According to IIFL, traders can sell UCO Bank April Future below Rs 106 with stop loss of Rs 109 for an initial target of Rs 99, in its April 1, 2011 research report.
According to IIFL, traders can sell UCO Bank April Future below Rs 106 with stop loss of Rs 109 for an initial target of Rs 99, in its April 1, 2011 research report.
"UCO Bank, (on the daily chart) formation of Dark Cloud Cover candlestick is seen around its 200-DMA. The mentioned candlestick pattern suggests a potential bearish reversal. The Dark Cloud Cover pattern occurs in an uptrend and is comprised of two candlesticks. The first candlestick in the pattern is a long green candle. The next candlestick makes a higher high, but then sells off to close below the midpoint of the first candlestick. The recent pullback from the low of Rs 96 has fizzled out near its 200 DMA accompanied with bearish formation of Thursday's trading session, implying that downtrend in the counter is likely to resume in coming days. Based on above formation, we recommend traders to short UCO Bank April Futures below Rs 106 with stop loss of Rs 109 for a target of Rs 99. (Duration 5 days)," says IIFL research report.
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