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The stock of Indian Bank has been strong rally since July from₹150. Last week, it decisively broke out of a hurdle at ₹250 and the price action indicates further appreciation in store for the stock. Although the scrip saw a minor dip in price on Thursday, it is likely to be a corrective one and we expect the price to go up.
The move on Wednesday makes the stock a good candidate for long positions for Friday. We suggest buying the stock at the current level of ₹266.85 and place stop-loss at ₹263. Book profits when the stock hits ₹278. Do not trade, in case the stock opens below ₹263 on Friday.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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