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The stock of City Union Bank (₹184.05) is gearing up for a fresh long-term rally. CUB has been consolidating between ₹167 and ₹194 since mid-August. This consolidation is happening just above the 200-Week Moving Average, currently poised at ₹170. So, the region between ₹170 and ₹167 will be a strong support zone that can continue to limit the downside.
Resistance is around ₹200. But the chances are high for the stock to break above ₹200. Such a break will also confirm a double bottom on the chart. It can then take the stock up to ₹280-₹300 in the coming months.
Investors with a medium- to long-term time frame can buy this stock at current levels. Accumulate on dips at ₹175. Keep the stop-loss at ₹137. Trail the stop-loss up to ₹198 as soon as the stock moves up to ₹220. Move the stop-loss further up to ₹235 as soon as the stock touches ₹260 on the upside. Exit the stock at ₹280.
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