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Investors with a short-term perspective can buy the stock of Lakshmi Vilas Bank at current levels. The stock surged 4 per cent and breached its key immediate resistance at ₹81 conclusively on Wednesday. This rally has extended this week’s gain for the stock to 7 per cent. Since taking support from the significant long-term base around ₹45 in February, the stock has been on a long-term uptrend.
Last week, the stock decisively breached its 21- and 50-day moving averages and is hovering well above them. The moving average convergence divergence indicator is placed higher in line with the stock price signifying upward momentum. Both the daily and weekly price rate of change indicators are hovering in the positive territory implying buying interest. The short-term outlook is bullish for the stock. It can continue its rally and reach the price of ₹87.5 and then ₹89.5 in the short-term. Buy the stock with a stop-loss at ₹82.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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