The upmove in Indian Bank is gaining momentum. The stock has closed on a strong note on Tuesday by surging 6.6 per cent. This has broken the prolonged sideways consolidation that was in place since February this year. It has also taken the stock well above the key resistance level of ₹567. That leaves the outlook bullish. It also indicates the resumption of the broader uptrend in the stock. Supports are at ₹567 and ₹562.
Indian Bank share price can go up to ₹630-₹640 in the coming weeks. Traders can go long now at ₹575. Accumulate on dips at ₹568. Keep the stop-loss at ₹544 initially. Trail the stop-loss up to ₹585 as soon as the stock moves up to ₹595. Move the stop-loss further up to ₹605 when the price touches ₹615. Exit the long positions at ₹625.
Today’s Stock Recommendation: 22nd May 2024
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)