Equitas Small Finance Bank share is gearing up for a fresh rally. The price action since August this year indicates a strong base formation in the form of a double bottom pattern. The neckline resistance of this pattern is at ₹91.50. Support is in the ₹87-86 region which can limit the downside going forward. We see high chances for the stock to break above this resistance in the coming days.
Such a break can take Equitas Small Finance Bank share price up to ₹101-102 over the next two to three weeks. Traders can go long now. Accumulate on dips at ₹87.50. Keep the stop-loss at ₹84. Trail the stop-loss up to ₹91 when the price moves up to ₹94. Move the stop-loss further up to ₹94 when Equitas Small Finance Bank share price touches ₹96. Exit the long positions at ₹98.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)