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The upmove in Indian Bank is gaining momentum. The 4 per cent rise on Wednesday has strengthened the rise that has been in place since the last week of June. Additionally, there is a bullish cross over between the 21-Day Moving Average and the 100-Day Moving Average. This strengthens the bullish case and indicates that downside could be limited. Supports are at ₹314 and ₹308.
Indian Bank share price can rise to ₹350-355 – a strong short-term resistance zone, over the next two-three weeks. Traders can go long now. Accumulate on dips at ₹316. Keep the stop-loss at ₹305. Trail the stop-loss up to ₹327 as soon as the stock moves up to ₹332. Move the stop-loss further up to ₹336 when Indian Bank share price touches ₹342. Exit the long positions at ₹349.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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