RBL Bank has been in a strong uptrend since March this year. The 4 per cent rise on Wednesday marks the end of the weeklong correction. It also indicates that a new leg of upmove has begun within the overall uptrend. Support is now in the ₹217-215 region which can limit the downside.
The stock has to fall below ₹215 to indicate a trend reversal, but that looks less likely. The RBL Bank share price can rise to ₹250 in the coming weeks. Traders can buy RBL Bank shares now at ₹228.
Accumulate on dips at ₹220. Keep the stop-loss at ₹212. Trail the stop-loss up to ₹232 as soon as the stock goes up to ₹236. Move the stop-loss further up to ₹237 and ₹242 when the share price touches ₹240 and ₹245 respectively. Exit the long positions at ₹248.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)