Book profit in J&K Bank on 1-2% rally, says Harchekar

Amit Harchekar of IIFL is of the view that, one can book profits in Jammu and Kashmir Bank (J&K Bank) on 1 -2% rally.

Harchekar told CNBC-TV18, "J&K Bank is looking very strong on charts. It has managed to surpass the resistance of Rs 920 and since then it has entered into a new trading band between Rs 925 and Rs 960 on the upside. I believe this could continue for few more days but I am not seeing this stock to sustain beyond Rs 965 in the short term so one should be taking profits on a 1% to 2% rise." The company's trailing 12-month (TTM) EPS was at Rs 126.87 per share. (Mar, 2012). The stock's price-to-earnings (P/E) ratio was 7.43. The latest book value of the company is Rs 844.34 per share. At current value, the price-to-book value of the company was 1.12. The dividend yield of the company was 3.55%.