Comments
The stock of City Union Bank (₹184.05) is gearing up for a fresh long-term rally. CUB has been consolidating between ₹167 and ₹194 since mid-August. This consolidation is happening just above the 200-Week Moving Average, currently poised at ₹170. So, the region between ₹170 and ₹167 will be a strong support zone that can continue to limit the downside.
Resistance is around ₹200. But the chances are high for the stock to break above ₹200. Such a break will also confirm a double bottom on the chart. It can then take the stock up to ₹280-₹300 in the coming months.
Investors with a medium- to long-term time frame can buy this stock at current levels. Accumulate on dips at ₹175. Keep the stop-loss at ₹137. Trail the stop-loss up to ₹198 as soon as the stock moves up to ₹220. Move the stop-loss further up to ₹235 as soon as the stock touches ₹260 on the upside. Exit the stock at ₹280.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.