City Union Bank Ltd

NSE :CUB   BSE :532210  Sector : Banks

Post result announcement on 28-May-2021 stock has seen profit booking and stock dragged 3% lower in Tuesdays (1-June-2021) trading session. Stock closed at 167.05 on NSE. City Union Bank reported net profit at Rs 111.18 crore for Q4 FY21 compared to a net loss of Rs. 95.29 crore during the corresponding quarter previous year. Total income for Q4 FY21 was Rs. 1,121.43 crore compared to Rs 1,220.98 crore in Q4 FY20. Net profits for FY21 came in at Rs. 592.82 crore from Rs. 476.31 crore in FY20.

The bank’s loan book grew by 6.6% YoY largely led by gold loans and ECLGS. Deposits grew 9.1% YoY with CASA at 29.2% vs. 25% a year ago. Both of these are positive movements for the bank.

What’s Ahead? Technical outlook of CUB:

Stock is trading in an upward sloping channel pattern, currently stock is at the lower end of the channel i.e. trading at channel support. Also stock is hovering around the 200 days exponential moving average which can act as strong support for the stock. This correction in the stock provides a great opportunity to accumulate stock for the short term. Expected upside from here could be 7-8% in next few trading sessions. Channel pattern resistance lies at 180-182. We recommend to go long on stock for the target of 180 and stop loss of 162.25, If stock sustains below 162.25 we need to review the chart structure and chart pattern of city union bank.

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