UCO Bank can test Rs 64: Anu Jain

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UCO Bank can test Rs 64: Anu Jain

UCO Bank can test Rs 64, says Anu Jain, Vice President-IIFL Private Wealth Management at India Infoline.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Anu Jain See what other Experts & Brokerages are saying about UCO Bank See messages about UCO Bank UCO Bank BSE | NSE 10/02/12 Are Mutual Funds betting on UCO Bank?

UCO Bank can test Rs 64, says Anu Jain , Vice President-IIFL Private Wealth Management at India Infoline.

Jain told CNBC-TV18, "UCO Bank is looking good for another 5%; Vijaya Bank has resistance above 3-4% ahead of it. I think the whole sector looks as it's poised for a breakout, so the fact remains that which one to choose right now is the bigger thing because UCO Bank closer about Rs 59.65 is looking good for Rs 64. Vijaya Bank is looking good about Rs 54-55 and probably if Rs 55 crosses then you will see Rs 57-58 as a level. I think that's what the reason I felt that probably if somebody didn't want to take a call on particular scrip in this sector buying the public sector undertaking (PSU) bank, exchange-traded funds (ETF) is also a good idea if you do not want to leverage otherwise buying the bank Nifty also seems to be a good idea."

She further added, "It's the whole sector which is kind of giving move. Most of them are making higher lows but not made a higher high, so we have to see that happening. There is some issue because some of them had given up very strongly like an Indian Overseas Bank gave up very strongly to come down from Rs 140 to about Rs 110-108 levels. So once it crosses that Rs 122, you will probably see strength coming in that counter also, so overall very positive charts for the whole sector."