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Oriental Bank of Commerce has risen sharply by 10 per cent in the last three trading days, accompanied by strong volumes. Earlier, the stock had dropped about 32 per cent from its high of ₹238 recorded in January. This fall was followed by a sideways consolidation between ₹160 and ₹173 all through February thereby forming a strong base for the stock. This base was formed around ₹165.9, which is a critical Fibonacci retracement support for the stock. The 5 per cent rise on Tuesday has helped it to break out of this sideways consolidation, giving initial signal of trend reversal.
The immediate outlook is bullish. The stock can extend its rally in the coming days. Short-term traders can go long with a stop-loss at ₹172. The targets are ₹186 and ₹192. The outlook would turn bearish only if the stock declines decisively below ₹160.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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