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Thursday, April 29, 1999

Corporation Bank -- Potential for gain 

K Seshadri  
Dozens of scrips in the A-group exhibit the potential for quick gains as they are recovering from their bottoms. Investors can make bold to take position in these.

Amongst the banking scrips, Corporation Bank has the potential to reward its shareholders perhaps better than that of SBI. The rebound may not be as quick as in SBI. Yet over a slightly longer time span, the gain here will be better than SBI. The scrip is recovering from Rs 54.50. The stochastic indicator has given a faint signal that the reversal has started. It needs confirmation of one more day.

When recovery gathers strength the scrip can go back to Rs 66. That would be a handsome reward on forward trading. It would make even more sense to long term investors. Pick up some and leave some room for further averaging.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.


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