Buy Andhra Bank for short term
Andhra Bank looks good as a short term pick with a time frame of 2 weeks.
Have a look at the two months chart.
There are two things that whould be noted.
1. Today's close higher than the pervious close, but near the today's low.
2. Price is shooting up after a few loses. Although this does not qualify as a clean double-bottom pattern, the pattern is still bullish.
Buy Andhra Bank with a stop-loss of Rs 76/-- with a target of Rs 94/ with a time frame of 2 weeks. The second target is Rs 100/-- above which it will surely have profit booking.
A word of Caution:
Have an eye on the overall market. When Sensex is close to 12000, you may witness a strong profit booking. Its very difficult for most of the stocks to outperform the market.
Have a look at the two months chart.
There are two things that whould be noted.
1. Today's close higher than the pervious close, but near the today's low.
2. Price is shooting up after a few loses. Although this does not qualify as a clean double-bottom pattern, the pattern is still bullish.
Buy Andhra Bank with a stop-loss of Rs 76/-- with a target of Rs 94/ with a time frame of 2 weeks. The second target is Rs 100/-- above which it will surely have profit booking.
A word of Caution:
Have an eye on the overall market. When Sensex is close to 12000, you may witness a strong profit booking. Its very difficult for most of the stocks to outperform the market.
posted by Jayaprabhakar | 11:14 AM
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