Corporation Bank holds out against free fall

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Tuesday, November 2, 1999

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Corporation Bank holds out against free fall

K Seshadri

Corporation Bank appears to have found support at Rs.103.50 and has closed at Rs.108.45. It has an upside potential to reach Rs.115 and Rs.129. It could move higher up later to Rs.135 depending upon market sentiment. The daily stochastic indicator has given a buy signal in the oversold region. However the longer term RSI is yet to trigger a buy. You could get into the scrip and keep a stop loss at Rs.103. OEN Connectors: Put it on your watch list. OEN Connectors is the other scrip which has found buoyancy, declining from Rs.121 to Rs.90. It has closed at 98.65, attracting good volume on Monday. 1500 to 10800 shares. The scrip has a support at Rs.88 on the downside. You have the option to enter this scrip now or wait for it to decline to Rs.88. Keep a suitable stop loss in either case.

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