Best Bank Stock to Buy Now for Short-Term Gains
Best Bank Stock to Buy Now for Short-Term Gains– The Indian stock markets are looking positive now, particularly in the banking sector. We are expecting a new high in Bank Nifty in the coming days. The stock we have selected today is from the banking sector, which is ready to give you a return of more than 14% in the short term according to a reputed brokerage house Prabhudas Lilladher.
Stock to Buy
DCB Bank- CMP- Rs 104.70 | Target Rs 120 | Period- Short-Term
The share price of DCB Bank closed at Rs 104.70 on 27 April 2023. The stock has given a return of around 30% in one year. It has touched a 52-Week high at Rs 141 and a low at Rs 76.
The bank has maintained Strong lending practices with a low Gross NPA ratio of 3.62%. It has declared very strong results in December 22 end quarter. The lender has consistently announced positive results for the last four quarters.
On the Technical front, the stock has corrected well from the peak of Rs 140 levels and bottomed out near Rs 95 levels. It has taken support and coming out of the trendline resistance zone to improve the bias. The stock also forms a higher bottom formation pattern on the daily chart to indicate strength.
It has the potential to rise further from here on in the coming days. Prabhudas Lilladher suggests to buy the stock for an upside target of Rs 120 with a stop loss of Rs 98. The trendlyne.com consensus recommendation also showed the stock as a strong buy.
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Best Stock to Buy Now for the Short Term in April 2023
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Editor’s Desk
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