Comments
Investors with a short-term perspective can consider buying the stock of RBL Bank at current levels. On Monday, the stock jumped 5.6 per cent with above average volume breaking though a key immediate resistance at around ₹380. Since taking support at ₹285 in late September 2016, the stock has been trending upwards and has been on an intermediate-term uptrend. In late December, the stock took support at ₹330 and resumed its uptrend. It has been on a short-term uptrend since then. While trending up, the stock conclusively breached its 21- and 50-DMAs and now trades well above them.
Buying interest is evident as both the daily and weekly price rate of change indicators hover in the positive territory. The short-term outlook is bullish for the stock of RBL Bank. Traders with a short-term horizon can consider buying the stock while maintaining a stop-loss at ₹380. Short-term targets are ₹405 and ₹413 levels.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.