The short-term outlook is bullish for Indian Bank. The stock has been trading in a wide range for more than a year now. The trading range has been ₹467-₹626 since February last year.
Within this range, the stock touched a low of ₹478 earlier this month and has been moving up. That indicates that the sideways range is intact. As such, the chances are high for Indian Bank share price to go up towards ₹610-₹620 – the upper end on the range in the coming weeks.
Traders can go long now at ₹547. Accumulate on dips at ₹534. Keep the stop-loss at ₹505 initially. Trail the stop-loss up to ₹555 as soon as the stock goes up to ₹575. Move the stop-loss further up to ₹580 when the share price touches ₹595. Exit the longs at ₹610.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)