ADBL closing above Rs.500, bullish

52 Weeks High :                       Rs. 519

52 Weeks Low :                        Rs. 132

180 Days Average Price:      Rs. 287

Last Week

Open:                                     Rs. 495

High:                                       Rs. 519

Low:                                        Rs. 469

Close :                                     Rs. 480

Volume:                                  1,20,502

Support (Rs.):  449, 409, 379, 349

Resistance(Rs.):  539, 589, 639, 680

Recommendation

This week Agricultural Development Bank Ltd’s shares were traded in a good volume of 1,20,502 units. Altogether 81,646 units were traded in a single day. These shares were traded at its all time high price of Rs 500. Also there was a huge trading of 65,735 units at a price of Rs.468 on 5^th January. The recent  increase in volume indicates that the stock price closing above 500 will  move towards a new high of  680, and perhaps further towards 850 levels.

Sagun Shakya

Technical Analyst

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