Techno Funda Stock Pick - Buy Indian Bank Ltd For Target Rs. 65 - HDFC Securities
* After witnessing a bottom reversal in the later part of March 20 at Rs 41.55, the stock price of this PSU Bank (Indian Bank Ltd) has witnessed a sustainable upside bounce in the next few months. It later shifted into a narrow range movement, as per weekly time frame chart.
* The recent minor downward correction seems to have ended, as the stock price sustained above the key trend line support of Rs 53, as per the concept of change in polarity.
* We have observed a formation of positive sequence like higher tops and higher bottoms. The recent swing low of Rs 53.10 in latter half of Sept 20 could be considered as a new higher bottom of the sequence. Hence, one may expect upside momentum to pick up soon.
* Weekly 20 period and 10 period exponential moving averages are in the process of showing golden crossover signal (short term moving average crossing above long term moving average). Further upside in the stock price is expected to confirm this pattern.
* The positive chart pattern of Indian Bank Ltd indicates a long trading opportunity. One may look to create positional long as per the levels mentioned in the table above.
Buy Indian Bank Ltd @ 57.50 2 Quarters TGT 65 SL 47
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