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The short-term outlook for Bank of Maharashtra is bullish. The stock has begun the week on a strong note by surging over 5 per cent on Monday. This rise has taken the stock well above an important resistance at ₹67. Prior to this rise, the stock has formed a strong base above ₹63. As such this signals the beginning of a new leg of upmove. Strong supports are at ₹67, ₹65 and ₹64. Bank of Maharashtra share price can rise to ₹75 in the next two-three weeks.
Traders can go long now at ₹69. Accumulate on dips at ₹67. Keep the stop-loss at ₹64. Trail the stop-loss up to ₹70 when the price goes up to ₹72. Revise the stop-loss up to ₹72 when the price touches ₹74. Exit the long positions at ₹75.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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