|Sell Range||262 – 252|
|Target||240 – 235|
|Duration||15 – 20 Trading Sessions|
|Potential Return^||5 – 7%|
|CMP#||Idea||Sell Range||Target||StopLoss*||Duration||Potential Return^|
|252.95||SELL||262 – 252||240 – 235||270||15 – 20 Trading Sessions||5 – 7%|
# CMP on June 19, 2019
* Maintain recommended StopLoss by daily closing basis.
Once 1st target hit, reset StopLoss at 246.
^ The returns are calculated based on CMP#
Indian Bank is a provider of various banking products and services such as savings and current accounts, term deposits, NRI accounts etc. It also offers agriculture, group, personal/individual, micro, small enterprise, education loans etc. As of March 31, 2019, the Bank has 2872 branches and 2849 ATMs across the country.
|Sectoral Index||Nifty Bank|
TECHNICAL OBSERVATIONS (WEEKLY)
- The share price of Indian Bank moved in a triangle pattern from October 2018 till July 2019 as highlighted in the adjoining chart.
- In October 2019, the stock has made a decisive breakout from the symmetrical triangle pattern and since then the price started trading in an upward rising consolidation range.
- In this range trading, we can sell once the price started falling from resistance with a target point at the support line of the consolidation range.
TECHNICAL OBSERVATIONS (DAILY)
- We are witnessing the formation of Lower Highs Lower Lows on daily chart.
- Last few days stock is trading below the 15 days MA.
- Recent closing below the Lower Bollinger Band suggests further downside movement.