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Buy Ujjivan Financial Services, target Rs 430: Sameet Chavan

Buy Ujjivan Financial Services at a price target of Rs 430 and a stop loss at Rs 362 from the entry point.

Last Updated: Nov 14, 2017, 08.42 AM IST
Sameet Chavan of Angel Broking has a buy call on Ujjivan Financial Services with a target price of Rs 430.

The current market price of Ujjivan Financial Services is Rs 371.45.

Time period given by the analyst is one month when Ujjivan Financial Services price can reach defined target.

Sameet Chavan recommended to keep a stop loss at Rs 362. In a report he said, "Post a corrective phase, this stock has been consolidating in a broad range since last few months. However, in last few trading sessions, prices have started moving higher with good volumes and have started forming a 'Higher Top Higher Bottom' structure. Also, if we observe the weekly chart, prices have given a breakout from a falling trendline resistance which is bullish for short to medium term. The price-volume structure along with the mentioned breakout on the weekly chart would provide some impetus for next up move according to us. Hence, we recommend buying this stock at current levels for a target of Rs 430. The stop loss now should be fixed at Rs 362."

Ujjivan Financial Services, incorporated in the year 2004, is a Mid Cap company (having a market cap of Rs 4447.87 Crore) operating in Finance sector.

The company’s top management includes Mr.Abhijit Sen, Mr.Amit Gupta, Mr.Jayanta Basu, Mr.K R Ramamoorthy, Mr.Venkatesh Natarajan, Mrs.Sudha Suresh, Ms.Vandana Viswanathan.

Company has Deloitte Haskins & Sells as its auditors.

As on 30-09-2017, the company has a total of 119,743,499 shares outstanding.

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