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Accompanied by extraordinary volume, the stock of Lakshmi Vilas Bank rose 4.7 per cent on Wednesday. Investors with a short-term perspective can buy the stock at current levels. The stock’s surge has breached its immediate resistance at ₹85 and has strengthened its bullish momentum. It was resilient in the past few trading sessions when the broader markets witnessed sharp fall. Both the long- and medium-term trends are up for the stock. Taking support from the 21- and 50-day moving averages, the stock resumed its primary uptrend.
The daily relative strength index has entered the bullish zone. Both the daily moving average convergence divergence and price rate of change oscillators are hovering in the positive terrain signalling upward momentum. A rally to ₹91.5 and then to ₹93.5 is possible in the ensuing trading sessions. Buy the stock while maintaining a stop-loss at ₹86.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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