Stock Picks - Buy Indian BankLtd For Target Of Rs.177 - ICICI Direct
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Technical Observations
* The PSU Bank index has staged a strong pullback from lower band of 6 months consolidation amid oversold placement. One of the preferred pick within the PSU Banking space is Indian Bank which we expect to outperform
* The stock logged a resolute breakout from six months contracting triangle, indicating resumption of primary up trend. Thus offers fresh entry opportunity to ride next leg of up move
* We expect the stock to resolve higher and head towards |177 levels in the coming weeks as it is the 80% retracement of Oct 21 – Jan 22 decline (| 190-131)
* On the oscillator front, daily MACD is pointing upward while sustaining above its nine periods average, indicating positive bias.
Buy Indian Bank @ 165.00-168.50 TGT 177 SL 158
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