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K Seshadri
It is time to pick up Corporation Bank. The scrip had made a Morning Star formation on Thursday. This formation is particularly bullish.
On the earlier occasion this formation had led to a spurt by Rs 10. This time around the formation has taken place after the scrip had moved down to an even lower level on reaction. It had come and bounced off at Rs 89.80. With a support at Rs 88.60, the scrip becomes attractive in terms of limited risk, especially for the medium term investor.
Rs 91.65 was the bottom even in June. On the upside, the scrip has the potential to move up to Rs 117 at the first leg. This is eminently suitable for both short term trade as well as for a return of 25 per cent in a slightly longer span. FIIs too are returning to banking stocks now, globally. The stochastic indicator is in the oversold region and is rising above the trigger line. The RSI indicator too is in the buy mode.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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