| CMP# | 252.95 |
| Idea | SELL |
| Sell Range | 262 – 252 |
| Target | 240 – 235 |
| StopLoss* | 270 |
| 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#
COMPANY OVERVIEW
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.
| Stock Data | |
| NSE Code | INDIANB |
| Sectoral Index | Nifty Bank |
| 52W High | 379.7 |
| 52W Low | 200 |
| Face Value | 10 |
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.
CONCLUSION - Indian Bank SHARE PRICE FORECAST
Based on our short term trading share tips, Indian Bank share price target will be 240 – 235 in the next few days.