# The stock is witnessing strength along with bank nifty
# The stock did only 38% retracement of the recent move from 81 to 96 before Q1 result and has crossed the high made before result.
# post result selling was on higher volume and today's outperformance suggesting relative strength and continuation of upmove.
# Fundamentally the market reacted post the announcement of new PSU bank CEO fearing massive increase in NPA which did not happen in Q1 result.
# Both microfinance and credit card business is expected to improve from here on along with wholesale business. The bank doesn't need to raise capital due to sufficient CAR.
# immediate resistance could be visible around 100 level but the stock should eventually reach 115 level (level seen prior to new CEO)
# At 96 a long position with SL at 89.9 and a tgt of 115 results in a RR of 1:3.
# The stock did only 38% retracement of the recent move from 81 to 96 before Q1 result and has crossed the high made before result.
# post result selling was on higher volume and today's outperformance suggesting relative strength and continuation of upmove.
# Fundamentally the market reacted post the announcement of new PSU bank CEO fearing massive increase in NPA which did not happen in Q1 result.
# Both microfinance and credit card business is expected to improve from here on along with wholesale business. The bank doesn't need to raise capital due to sufficient CAR.
# immediate resistance could be visible around 100 level but the stock should eventually reach 115 level (level seen prior to new CEO)
# At 96 a long position with SL at 89.9 and a tgt of 115 results in a RR of 1:3.
Comment:
Recovered its lost ground faster than icici, sbi, kotak and hdfc bank. The SL moves to todays low of 97.6 from 89.9. The trade will have now one of the two outcome, 1. small profit, target profit. The trade is now loss free.
Comment:
booked gains on half the quantity at 111. Rest quantity SL trailed to 99
Comment:
Exited rest of the quantity at 128