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Investors with a short-term perspective can consider buying the stock of RBL Bank at current levels. On Monday, the stock jumped 5.6 per cent with above average volume breaking though a key immediate resistance at around ₹380. Since taking support at ₹285 in late September 2016, the stock has been trending upwards and has been on an intermediate-term uptrend. In late December, the stock took support at ₹330 and resumed its uptrend. It has been on a short-term uptrend since then. While trending up, the stock conclusively breached its 21- and 50-DMAs and now trades well above them.
Buying interest is evident as both the daily and weekly price rate of change indicators hover in the positive territory. The short-term outlook is bullish for the stock of RBL Bank. Traders with a short-term horizon can consider buying the stock while maintaining a stop-loss at ₹380. Short-term targets are ₹405 and ₹413 levels.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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