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Investors with a short-term perspective can consider buying the stock of DCB Bank at current levels. The stock is on an uptrend across all time frames — long, medium and short term. Following a corrective decline, the stock found support at ₹101 in late March and resumed its primary uptrend. However, the stock encountered a key resistance at ₹125 recently and is testing this resistance level. There has been an increase in daily volumes over the past two trading sessions.
The daily relative strength index is on the brink of entering the bullish zone from the neutral region. The weekly RSI is featuring in the bullish zone. Both the daily and weekly moving average convergence divergence indicators are hovering in the positive territory and have signalled a buy. A decisive breakthrough from the current resistance can push the stock to the target of ₹129 and ₹132. Buy the stock with a stop-loss at ₹121.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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