Today’s Pick: Indian Bank (₹203.25): BUY

Gurumurthy K |BL Research Bureau | | Updated on: Sep 08, 2022

Book profits at ₹245

The short-term outlook for the stock of Indian Bank is bullish. The uptrend has gradually gained momentum over the last couple of months. On Thursday, the stock had surged over 6 per cent to close above the psychological ₹200 mark. The supports are at ₹196 and ₹191. A much lower support is at ₹182. As such the downside can be limited. The stock can rise to ₹250 over the next four to six weeks.

Traders with short-term perspective can buy at current levels and accumulate the stock on dips at ₹197. Keep the stop-loss at ₹178. Trail the stop-loss to ₹208 as soon as the stock moves up to ₹216. Move the stop-loss further up to ₹225 when the stock touches ₹235 on the upside. Book profits at ₹245.

(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)

Published on September 09, 2022
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