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Tuesday, April 28, 1998
Federal Bank: Buy at lower levels
K Sheshadri
Federal Bank has a strong support at Rs 90. This support arises out of the rising trend line, from which the scrip took off to see higher levels of Rs 119. On reaction it was down and has again moved up to Rs 100. On Tuesday picking up the scrip on any reaction should be fruitful. The immediate previous low was Rs 93.One could also pick it up close to Rs 100. The strategy is to gain as the scrip rises to Rs 110. But you might as well take note that none of the technical indicators have signalled a buy. This recommendation is based on the fact that Rs 90 is a good support level. Therefore pick it up during intra-day decline. Book the profit on the same day. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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