Money is raining from the shares of This Bank:- UCO Bank stock was showing a sharp rise in the last five trading sessions, but today its shares traded in negative. For several trading sessions, UCO Bank’s stock was not able to break the resistance band of Rs 18-19 but now it is trading above Rs 20 level.
UCO Bank Share: After hitting a one-year low of 10.52 on June 20, UCO Bank shares closed at a 52-week high of 21.35 on Tuesday. These days, strong business is being seen in the shares of public sector banks, but the shares of UCO Bank have gained 103 percent. Some selling pressure was seen in Wednesday’s trade only.
Most of the investors are positive on this stock after two years of price breakout. Experts believe that a level of Rs 18-16 can also be seen in these stocks, but the breakout of UCO Bank shares indicates that it can be trusted further. Currently, UCO Bank stock has immediate resistance at Rs 22 and if all goes well, the stock may soon come in the range of Rs 30-35. This will be an increase of 80 percent more than the current price.
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Strong trading in UCO shares
Money is raining from the shares of This Bank:- On Wednesday, UCO Bank shares snapped a five-day rally and fell 5 per cent to hit a low of Rs 19.50 on the BSE. But UCO Bank has registered a two-year price breakout. Jitendra Sandhwal, who runs his independent brokerage firm in Mumbai, believes that UCO stock took time to overcome the resistance of Rs 18-19, but now it is expected to outperform. Currently its breakout seems real.
increasing market cap
Money is raining from the shares of This Bank:- UCO Bank shares opened at Rs 19.30 in Tuesday’s trading session. UCO Bank shares traded above 5 day, 20 day, 50 day, 100 day and 200 day moving averages throughout the day yesterday. Meanwhile, the market cap of the bank rose to Rs 24,900 crore on Tuesday. UCO Bank for the September quarter reported more than double growth in its standalone net profit at Rs 504.52 crore as compared to Rs 205.39 crore net profit in the corresponding quarter a year ago.
Why UCO shares are rising
Money is raining from the shares of This Bank:- Shares started rallying after the Reserve Bank of India (RBI) approved nine Russian banks to open special Vostro accounts with UCO Bank and IndusInd Bank. Russia’s Gazprom had opened an account with UCO Bank. UCO Bank already has Vostro account based facility in Iran. Let us tell you that the RBI and the Finance Ministry had asked banks to increase foreign trade in rupees.