Central Bank of India Technical View

The prices of this mid-cap public sector bank after rallying from the low of
30 to a high of 179 are contained in a broad sideways range from 140 to
165 for last six months or so. Prior to this range consolidation the prices
have completed an excellent accumulation in the form of classical
rounding bottom and hence the stock appears a good bet for the long
term. The momentum readings in weekly time frame are pretty strong and
at the closing price of 149.55 the stock offers a good opportunity for
medium term investors to take long positions. Traders should keep a stop
of 135 on long positions for an upside potential of ten percent around 170
while for investors likely targets are 190 and then 240.


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