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Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Investors with a high-risk appetite can buy the stock of RBL Bank at current levels. The stock jumped 8 per cent accompanied by above average volume on Tuesday, breaching a key resistance at around ₹120. In early March, the stock breached a significant support at ₹250 and continued to trend downwards. It has been in a medium-term downtrend over the past two months. But the stock recorded a 52-week low at ₹101 last week and found support.
Subsequently, the stock changed direction triggered by positive divergence on the daily relative strength index and the daily price rate of change indicator. For the past three trading sessions, the stock has been trending upwards and currently tests the 21-day moving average with an upward bias.
The daily relative strength index has entered the neutral region from the bearish zone and the weekly RSI is displaying positive divergence backing the trend reversal. Further, the daily price rate of change indicator has entered the positive terrain indicating buying interest.
There has been an increase in daily volume over the past two months. Taking a contrarian view, the short-term outlook is bullish for the stock. It can continue to trend upwards and reach the price targets of ₹132 and ₹136 in the forthcoming trading sessions. Traders can buy the stock with a stop-loss at ₹122.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
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