Buy Allahabad Bank; target of Rs 158: Nirmal Bang

Nirmal Bang is bullish on Allahabad Bank and has recommended buy rating on the stock with a target of Rs 158 in its June 12, 2012 research report.

“Allahabad Bank, The short term moving averages have converged and are placed with buy signals. On the oscillator front, RSI is placed with a positive signal on the midway. The stock is keeping a positive closing above the 6/30-DMA from few trading sessions Stock is showing strong signs of revival and is holding firmly above its 20- average of the Bollinger band daily chart on closing basis. The important oscillators RSI & MACD on the daily have turned positive giving a sense of a short rally happening. Immediate resistance could be seen at the 200-day EMA of 168. The stock has turned the momentum positive; hence a technical bounce could be witnessed from the current levels. Therefore, traders can buy the stock at cmp and on dips to Rs 138 for a target of Rs 158/168 /180 with a strict stop loss placed below Rs 130,” says Nirmal Bang research report.  

Institutional holding more than 40% in Indian cos

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