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Today's pick: CSB Bank

| Updated on February 26, 2020 Published on February 26, 2020

Investors with a short-term horizon with a contrarian view can buy the stock of CSB Bank at current levels. The stock has been in a medium-term downtrend since recording a 52-week high at ₹314 in early December 2019.

Breaking the key support level of ₹200 in early January this year, the stock continued to trend downwards. On Wednesday, it jumped 7 per cent accompanied by above average volume breaking above a key immediate resistance at ₹170.

With this rally, the daily relative strength index has entered the neutral region from the bearish zone.It is likely to breach its 21-DMA. The near-term outlook appears to bullish.

It can extend the up-move and reach the price targets of ₹184 and ₹188 in the ensuing trading sessions. Traders with a contrarian view can buy the stock of CSB Bank with a stop-loss at ₹172 levels.

Published on February 26, 2020