Vijaya Bank a buy: Sandeep Wagle, APTART

Sandeep Wagle, Founder & MD, APTART Technical Advisory Services, in a chat with ET Now talks about Vijaya Bank.

What is your view on about Vijaya Bank?

We have a buy. In fact we had recommended it yesterday and we continue with this move today. It has the strength to go all the way up to 97-98, looks like a good 7-8-10% upside from current levels and can be bought at current levels or maybe in the range of 88 to 86 which is what we have given as and stop loss is around 84.

It got into congestion or plateaued out for sometime before the move started the last 708 days, what was that? Other than that, the chart seems almost unidirectional right through.

Yes, yesterday it has got out of that congestion band and with very strong volumes. So this suggests that this stock will be on another 7-8-10% upside from current levels or possibly from the high of 87-80 or 88 where it broke yesterday and currently at 89. The downside is a couple of rupees at the most or maybe Rs 3 and upside is around Rs 10-12. So this stock will be certainly in that category which will be outperforming.