Please Share:: 
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
United bank of India is a mid size public sector bank having a prominent presence in north east region of the country. Today
the Bank is 100% CBS enabled with more than 1600 branches and offices and is having a Total business of more than 1 lac
crore. UBI played a significant role in the spread of banking services in different parts of the country, more particularly in
Eastern and North-Eastern India. UBI has sponsored 4 Regional Rural Banks (RRB) one each in West Bengal, Assam, Manipur
and Tripura. These four RRBs together have over 1000 branches. The bank has market cap of 32,418mn as on date with 84%
shares are held by the Government of India. Currently bank is trading at 1.0x P/Book FY10 numbers which is mostly in line
with other mid size public sector banks however quite cheaper compared to other large cap banks.
The prices of this mid cap banking stock were finding strong resistance
around 98 and on 3rd of this month prices finally broke free of the
resistance zone. Since then they have been consistently trading above
the earlier supply area which now should act as very strong demand area
(according Role Reversal Technique of Technical Analysis). The volume on
the breakout was very good and the stock seems to have completed a
classical Inverted Head and Shoulder pattern with 98 as the neckline
area. In light of improving technical evidences traders can look to buy
around initiation price of 103 and also on dips around 98 for an upside
potential of 10-12 percent. Traders are advised to retain a stop of 95 on
long positions.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
United bank of India is a mid size public sector bank having a prominent presence in north east region of the country. Today
the Bank is 100% CBS enabled with more than 1600 branches and offices and is having a Total business of more than 1 lac
crore. UBI played a significant role in the spread of banking services in different parts of the country, more particularly in
Eastern and North-Eastern India. UBI has sponsored 4 Regional Rural Banks (RRB) one each in West Bengal, Assam, Manipur
and Tripura. These four RRBs together have over 1000 branches. The bank has market cap of 32,418mn as on date with 84%
shares are held by the Government of India. Currently bank is trading at 1.0x P/Book FY10 numbers which is mostly in line
with other mid size public sector banks however quite cheaper compared to other large cap banks.
The prices of this mid cap banking stock were finding strong resistance
around 98 and on 3rd of this month prices finally broke free of the
resistance zone. Since then they have been consistently trading above
the earlier supply area which now should act as very strong demand area
(according Role Reversal Technique of Technical Analysis). The volume on
the breakout was very good and the stock seems to have completed a
classical Inverted Head and Shoulder pattern with 98 as the neckline
area. In light of improving technical evidences traders can look to buy
around initiation price of 103 and also on dips around 98 for an upside
potential of 10-12 percent. Traders are advised to retain a stop of 95 on
long positions.
No comments:
Post a Comment