Stock Idea - Indian Bank Limited By Choice Broking
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On a weekly chart, the stock has taken good support at 61.8% Retracement or 115.10 levels ofits prior rally from 96.05 to 155.50 levels.
Since 23rd Aug’21, the stock has been rising gradually with higher volume and rallied more than 35% from the low of 115.10.
Inthe recent trade, the stock has breached the prior swing high and is ready to cross the next hurdle at 157 levels, high on 15th Feb.21. Once it sustains above that, it will confirm the monthly breakout on the chart.
On the daily chart, the stock is in action for the last three days and moving above Upper Bollinger Band formation. The price has also sustained above 50-days SMA, which indicates a bullish rally in the stock.
Amomentum indicator RSI & Stochastic witnessed a positive crossover with rising Volume activities, which suggest a bullish momentum in the stock for the short term.
So based on the above technical structure, we are recommending a buying Indian Bank for the target of 175/195 while on the downside, there is a support at 135/140 levels.
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