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The short-term outlook is bullish for Federal Bank. The stock has begun the week on a strong note by rising over 2 per cent on Monday confirms resumption of the broader uptrend in place since April 2020. Strong support is now in the ₹140-138 region.
A break below ₹138 looks less likely. Intermediate dips to ₹140 is likely to get fresh buying interest in the market. Federal Bank Share price can rise to ₹155-160 over the next three-four weeks. Traders can go long now. Accumulate on dips at ₹141. Keep the stop-loss at ₹137. Trail the stop-loss up to ₹147 as soon as the stock moves up to ₹149. Move the stop-loss further up to ₹150 when the price touches ₹152 on the upside. Exit the long positions at ₹155.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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