Federal Bank’s share price surged over 11 per cent last week. This has boosted the momentum. The outlook is bullish. The overall uptrend remains intact, and there is room to rise further. Support will now be around ₹160. Intermediate dips are likely to be limited to this support. Fresh buyers are likely to emerge around ₹160. Federal Bank share price can rise to ₹180-₹185 over the next two to three weeks. If the current momentum sustains, then this rise can happen much faster. Traders can go long now. Accumulate on dips at ₹161. Keep a stop-loss at ₹157 initially. Trail the stop-loss up to ₹170 as soon as the stock moves up to ₹175. Move the stop-loss to ₹176 when the price touches ₹179. Exit the long positions at ₹182.
Today’s stock recommendation: 19th February 2024
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)