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The stock of Indian Bank jumped 7 per cent accompanied by extraordinary volume, conclusively breaking above a significant medium term resistance at ₹70 on Thursday. This rally has strengthened the intermediate as well as short term uptrends and provides an opportunity to buy the stock from a short-term perspective.
In late May the stock took support at around ₹43 and began to trend upwards. Since then, the stock has been on an intermediate-term uptrend. Short-term trend has been up from the October low of ₹53. While trending up, the stock had decisively breached its 50- and 200-day moving averages in early November and continued to trend upwards. There has been an increase in daily volume over the past two weeks.
The daily relative strength index features in the bullish zone and the weekly RSI has entered the bullish zone from the neutral region. Moreover, the daily and the weekly price rate of change indicators are hovering in the positive terrain implying buying interest.
The short-term outlook is bullish for the stock. Targets are ₹76 and ₹78. Traders with a short term view can buy the stock with a deep stop-loss at ₹70.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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