Mobility paves Samsung’s silver path
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Investors with a medium-term perspective and a contrarian view can buy the stock of RBL Bank at current levels.
Following a sharp fall in July and August, the stock began to trend down gradually. But it found support at around ₹250 in October. It recorded a new low at ₹230 in late October.
Subsequently, the stock changed direction, triggered by positive divergence in the weekly relative strength index and daily price rate of change indicator. Since then, the stock has been in a short-term uptrend. Since early October, there has been an increase in daily volumes. In late October, the stock breached a key resistance at ₹300 and managed to stay above this level.
On Friday, the stock gained 5 per cent accompanied by an above-average volume, resuming the uptrend. Moreover, the stock managed to close above the 50-day moving average. The daily RSI is on the brink of entering the bullish zone from the neutral region and the weekly RSI is likely to enter the neutral region from the bearish zone.
Besides, the daily price rate of change indicator hovers in the positive terrain, implying buying interest. Taking a contrarian view, the medium-term outlook is bullish for the stock. It can continue to trend upwards and reach the price targets of ₹350 and ₹370. Investors with a medium-term perspective can buy with a stop-loss at ₹300.
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