Aditya Birla Money is bearish on UCO Bank and has recommended sell rating on the stock with a target of Rs 85 in its May 11, 2011 research report.
"UCO Bank, after a sharp fall from the recent high of Rs 122 the stock took support near Rs 96 levels and has been consolidating above it over the last few sessions. Daily oscillators are attempting to regain momentum while the weekly oscillators are turning weak indicating that intermediate-term trend is down now. Hence prices are unlikely to sustain at current levels for long and resume prevailing weakness towards the February low of Rs 91.80 and then the support at Rs 85 in the forthcoming sessions. However a break below immediate support at Rs 95.60 is required to confirm the same and turn the sentiments weak."
"Until then current mixed tone is likely to prolong and finds stiff resistance near the Rs 101/103 zone on any immediate gains. Sell initially below Rs 95.60 and then on any rise to Rs 97.60, for a target of Rs 85 with a stop placed above Rs 101.75," says Aditya Birla Money research report.
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