Business Daily from THE HINDU group of publications
Tuesday, Oct 16, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Oct 16, 2007 ePaper |
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Stocks Markets - Recommendation Money & Banking - Private Banks 
We recommend a buy in ING Vysya Bank at current price. ING Vysya Bank has been on a long-term uptrend since June 2006 low of Rs 82. However, the stock met with resistance at Rs 270 level in May 2007. Since then, the stock has been moving sideways in the range between Rs 230 and Rs 270. After finding support at the lower level of this range in August, the stock has been making steady progress. This recent upmove has breached the 21 and 50 day moving average. The daily momentum indicators are signalling a buy. Immediate support of the stock is at Rs 230 and the subsequent support is at Rs 200 level. Investors with short-term prospective can buy the stock with a stop-loss at Rs 250. We expect the stock to break through the current range-bound and move to a new life-time high in the short-term. Our short-term target for the stock is Rs 290.
Yoganand D. More Stories on : Stocks | Recommendation | Private Banks
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