Classic chart structure... completion of consolidation..breakout
Federal Bank is a low hanging fruit with low valuations. Consolidation has been completed and give breakout above 125. Sustaining above that and retesting 135levels. Avg accumulation between 125-135 is a reasonable range with limited down side. Potential upside nearly 200 in 3-4qtrs.
More importantly fed bank IPO will have ofs of ~500cr which Federal Bank will have liquid cash to strengthen its capital adequacy limits and strengthen balance sheet. Mutual fund have increased stakes since july23. Delivery percentage has gone up since july23 consistently. Current PE of 9 can scale upto 10/11 on account of growing business near team targets are 175-180 in next 6months.
It's just my analysis not a recommendation to take trade before doing your own analysis.
More importantly fed bank IPO will have ofs of ~500cr which Federal Bank will have liquid cash to strengthen its capital adequacy limits and strengthen balance sheet. Mutual fund have increased stakes since july23. Delivery percentage has gone up since july23 consistently. Current PE of 9 can scale upto 10/11 on account of growing business near team targets are 175-180 in next 6months.
It's just my analysis not a recommendation to take trade before doing your own analysis.