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The short-term outlook for Indian Bank is bullish. The stock surged about 8 per cent on Monday. The rise has happened after strong support around ₹280 where the 100-Day Moving Average is poised. Monday’s rise has taken the Indian Bank well above an important resistance level of ₹298. Immediate resistance is at ₹318. A pull-back from there can be limited to ₹300-298.
So eventually Indian Bank can breach ₹318 and rise to ₹340-345 over the next two-three weeks. Traders can go long now. Accumulate on dips at ₹303. Keep the stop-loss at ₹292. Revise the stop-loss up to ₹313 when Indian Bank’s share price moves up to ₹321. Move the stop-loss further up to ₹326 when the price touches ₹332. Book profits at ₹340.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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