Buy Allahabad Bank, target Rs 59: Mustafa Nadeem
Buy Allahabad Bank at a price target of Rs 59 and a stop loss at Rs 51.40.
By ETMarkets.com |
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Mustafa Nadeem of Epic Research has a buy call on Allahabad Bank with a target price of Rs 59.
The current market price of Allahabad Bank is Rs 53.55.
Time period given by the analyst is two weeks when Allahabad Bank price can reach the defined target.
Nadeem recommended keeping a stop loss at Rs 51.40.
"The stock has been experiencing a bullish move for the last two months while going in sideways consolidation which was overdue in prices. Recent bounceback is seen from 51.5 level which is strong support and prices has also closed above resistance trendline," he said.
The current market price of Allahabad Bank is Rs 53.55.
Time period given by the analyst is two weeks when Allahabad Bank price can reach the defined target.
Nadeem recommended keeping a stop loss at Rs 51.40.
"The stock has been experiencing a bullish move for the last two months while going in sideways consolidation which was overdue in prices. Recent bounceback is seen from 51.5 level which is strong support and prices has also closed above resistance trendline," he said.
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