uco bank share price: Big Movers on D-St: What should investors do with UCO Bank, Bank of Maharashtra and IOB?
Sectorally, buying was seen in realty, metal, IT, consumer durables, banks, and auto while selling was seen in FMCG stocks.
Stocks that were in focus include names like
which was up over 14%, which gained over 4%, and which was up more than 5% on Wednesday.
Here’s what Viral Chheda, Technical Analyst, SSJ Finance & Securities recommends investors should do with these stocks when the market resumes trading today:
UCO Bank
In the weekly chart, we can see from Feb 2022 to Oct 2022, stock has moved in the range between 10.75 to 14.20 odd levels. After consolidating for more than a seven-month period, prices breached the pattern on the higher side and a sharp upward move was witnessed as it made a 4-year high at 34 odd levels. Volumes were quite high during this upward move.
As the stock has given almost a 200% upside rally from the lower level, we can see some profit booking at this level. The Stochastics Oscillator is also moving in the overbought zone. Our opinion is to book some profit at the current level and wait for some correction till 25 odd levels.
Hence, one can wait for some correction and a fresh long position can be initiated around 25 and more at dips around 22 with stop loss of 18 on a weekly closing basis. The upside level can be 50-70 in the next 10-12 months.
Bank of Maharashtra
On the daily chart, the stock has made multiple bottoms around the 17-odd level and gave a sharp pull run to make five years high of 36.20. Price has made a Higher Top Higher Bottom pattern during this rally. Volumes were good during this period.
As the stock has doubled from its lower level of 17 we can see some profit booking around this level. The Stochastics Oscillator is also moving in the overbought zone. Our opinion is to book profit at the current level and wait for some correction till 27 odd level.
Hence, one can book some profit at the current level and to make an entry one can wait for correction till 27 and more at dips of 23 with SL of 20 on a weekly closing basis and on upside, we can see level of 45-60 in next 10-12 months.
IOB
In the longer-term chart, the stock has given some correction from 29 in July 2021 to 15 odd levels in May 2022. The stock has seen a Lower Top Lower Bottom pattern during this period.
For the next 6 months, the price moved in a range of 15-20 odd levels and once it breached the consolidation phase on the higher side, a sharp bull run was witnessed as the price made a seven-year high of 33.5 odd levels.
The stock has also breached the rounding bottom pattern whose neckline was formed at 29 and as it is moving above that level we can see further upside till 50-60 odd level.
One can buy at this level and more at dips of 29 with SL of 25 on a weekly closing basis and on upside we can see levels of 50-60 in the next 4-6 months.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
