We believe that Federal Bank will continue to deliver further improvement in operational performance led by improving loan book growth along with changing portfolio-mix.
We reiterate our BUY recommendation on the stock with an upward revised Target Price of Rs150 based on 2.3x FY19E Adjusted book value.
POWERGRID (LTP: 201) BUY
For today’s trade, long position can be initiated at 197-199 for target of Rs 212 with a strict stop loss of Rs 190.
IOC (LTP: 392) BUY
For today’s trade, long position can be initiated at Rs 388-390 for target of Rs 401 with a strict stop loss of Rs 383. Traders are advised to avoid early morning whipsaw.
LUPIN (LTP: 923) SELL
For today’s trade, short position can be initiated at Rs 931-935 for target of Rs 910 with a strict stop loss of Rs 945. Traders are advised to avoid early morning whipsaw.
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About Reliance Securities
Reliance Securities, the broking arm of Reliance Capital, is one of the India’s leading retail broking houses, providing customers with access to equities, derivatives, currency, IPOs, mutual funds, bonds, and corporate FDs amongst others. The large array of financial offerings helps customers fulfilling their investment objectives on one platform. Focus on timely & error-free execution represents its core strength. Their best in class research offerings, high degree of compliance with stock exchange regulations, ethical business standards, & strong risk management capabilities; Reliance Securities positions itself amongst strong & innovative brands in the financial services space.
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