Techno Funda Stock Pick - Buy IDBI Bank Ltd For Target Rs. 53 - HDFC Securities
* The stock price has been in a down trend by the formation of lower highs over the last couple of months, as per weekly timeframe chart.
* We observe a formation of larger triangle type pattern (converging trend lines) and the stock price has made an attempt of upside breakout of that pattern at Rs 37 on Friday.
* Hence, the formation of this triangle after the sharp upmove of June 20 could signal possibility of uptrend continuation pattern. Hence, present upside breakout could be considered as an uptrend continuation pattern.
* Volume has started to expand in last week with sharp upmove in the stock price, which signal participation of longs.
* Weekly 14 period RSI has placed at 54-55 levels and its sustainable move above 60 could open sharp upside momentum in the stock price.
* The overall positive chart pattern of IDBI Bank Ltd indicate long trading opportunity. One may look to create long position as per the levels mentioned in the table above.
Buy IDBI Bank Ltd @ 38.90 2 Quarter TGT 53 SL 32.5
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