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The CNX PSU Bank index zoomed 3.4 per cent to close at 2,807 on Wednesday, outperforming other indices. Investors with a short-term perspective can pick Andhra Bank from this sector which gained 4.6 per cent on Wednesday, conclusively breaching a significant resistance at ₹65. .
Since taking support from its base level at ₹54 in February, the stock has been on a short-term uptrend. While trending northwards, it decisively breached the 50- and 200-day moving averages during the previous week and is currently hovering well above these levels. Indicators on the daily chart are featuring in the bullish zone. Both daily and weekly price rate of change indicators are hovering in the positive terrain, implying buying interest. The short- to medium-term outlook is bullish. Its progressing uptrend can extend and reach our price target of ₹68.5 and ₹70.5 in the forthcoming trading sessions. Buy the stock with a stop-loss at ₹64.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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