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CSB Bank’s share price has been rising over the past month. However, after touching the resistance at ₹290 last week, the uptrend lost momentum following which the stock started to consolidate. It was largely oscillating in the ₹280-290 range over the last week. But on Wednesday, the scrip broke out of the resistance at ₹290.
This has increased the probability of the stock establishing a leg of uptrend from here. Particularly, we expect it to appreciate on Thursday to hit ₹300. But the price might inch down to ₹290 intraday before rallying to ₹300 before the end of the day. So, we suggest traders to go long only if the price dips to ₹290. Place stop-loss at ₹285. Book profits when the stock moves up to ₹300.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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