Buy Allahabad Bank :: HDFC sec- technicals

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Observation:
Allahabad bank has been consistently making higher bottoms and higher tops in the last few months after making
a double bottom around the 94 levels in late Sept 2014. We also observe that rises during this period have been
accompanied with above average volumes, which indicates that accumulation has been happening in this counter.
The stock has risen from a low of 112.2 last week where it found support from the 50-day SMA and 200-day EMA.
Yesterday, the stock took out the previous swing highs of 124.15, which is a bullish signal for the stock.
Technical indicators are giving healthy signals as the stock trades above the short term (13 day SMA) and medium
term (50-day SMA) moving averages. Momentum indicators like the 14-day RSI too are in rising mode and not
overbought. The 14-day RSI is also above its 9-day EMA, which is encouraging.
The weekly technical set up too is looking encouraging. Considering the positive technical set up, we believe this
stock has the potential to move above the current trading range and test its previous intermediate highs of 150
and 181 in the coming weeks. Our entry levels along with the stop losses are given above.

LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3010116