Buy Allahabad Bank :: Target 183 :: Anand Rathi

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    Allahabad Bank                                CMP      166                                                           SL      157                                                         Target     183  

Company Description

Allahabad Bank provides retail banking, corporate/wholesale banking, and treasury services in India and internationally. It accepts demand deposits, savings bank deposits, term deposits, and current accounts. The company’s loan products consist of housing loans, education loans, car loans, personal loans for pensioners and doctors/medical practitioners, rent loans, property loans, furnishing loans, gold loans, overdraft facilities, and reverse mortgage schemes. In addition, it provides cash management services, depository services, real time gross settlement, national electronic funds transfer, bancassurance, mutual fund services, international banking services, visa debit cum ATM cards, and credit cards, as well as online payment and Internet banking services. Further, the company, through its subsidiary, AllBank Finance Ltd., offers corporate advisory, project appraisal, issue management, loan syndication, and debenture and trusteeship underwriting services. As of March 31, 2011, it operated a network of approximately 2416 branches. The company was founded in 1865 and is headquartered in Kolkata, India.

Technical Comments 

Stock has breached the upper resistance line with huge volume activity indicating upside moment may be seen in the counter from current level. One can initiate buy at CMP for the target of  183 with SL of 157 Rs. in coming days.