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Investors with a short-term perspective can consider taking long position in the shares of Andhra Bank. The stock surged for the second consecutive day and closed 4.7 per cent higher on Tuesday. The stock is already up 11 per cent so far this week. The outlook is bullish and the upmove can extend further in the coming days. Immediate supports are at ₹92.6 and ₹91.8. As long as the stock trades above these levels, a rise to ₹96.5 looks likely. Although the ₹96.5 level is a key 200-day moving average resistance, the price action on the charts suggests that this hurdle can be surpassed decisively this time.
Traders with a short-term perspective can go long with a stop-loss at ₹92.3 for a target of ₹96.5. Traders with a medium-term perspective can hold the long position with a wider stop-loss at ₹91 for the target of ₹98.5. The bullish outlook will get negated only if the stock declines below ₹90. The next targets will be ₹85 or even ₹80. But such a fall looks unlikely at the moment.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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