Sell UCO Bank With Stop Loss Above Rs 117

Sell UCO Bank With Stop Loss Above Rs 117Technical analyst Jatinder Sharma has maintained 'sell' rating on UCO Bank Limited stock with a 2-3 day target of Rs 105.

The analyst said that the stock can be purchased with a stop loss of Rs 117.

Mr. Sharma said that it is better to sell the stock at this time as there are chances of a downfall in the coming days.

After selling the stock, the interested investors can buy the stock again with medium or long term perspective.

The stock of the company, on December 27, closed at Rs 113.25 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 152.35 and a low of Rs 54.10 on BSE.

For the three month period ended Sept. 30, 2010, the bank has posted a decline of 42,62% in its net profit, which stood at Rs 1,191.9 million as against Rs 2,077.2 million during the same period of 2009.

Interest earned surged 14.72% to Rs 27,352.3 million for the three month period under review as compared to Rs 23,842.3 million for the same quarter of 2009.

Interest spent dropped 6.73% to Rs 17,336.6 million during the period as against Rs 18,587.6 million for the quarter ended Sept 2009.