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Published on 6/12/2018 5:14:21 PM | Source: Choice Broking Pvt Ltd

Buy Federal Bank Ltd For Target Rs.93.50 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #Federal Bank Ltd #Banking Sector #Trading Report #Choice Broking

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*  On a monthly chart, the stock has formed “Bullish Engulfing Candlestick” which is a sign of reversal & one could see a bull run in the counter.

*  On a daily chart, the stock has given breakout of its Falling Wedge formation, which is bullish reversal pattern which indicates a northward journey.

*  Moreover, the stock has been continuously sustaining above its 21 & 50 Days Moving Averages which show strength for a upside.

*  A daily momentum indicator RSI reading is at 62.90 level with a positive crossover, apart from this, the RSI has been trending with its upper rising trend line which points out for a positive breath in the counter.

*  Based on the above technical parameters, we are expecting an upside movement in the stock in few trading sessions.

Recommendation

Buy Federal Bank Ltd @ 85.30-85.80 Stoploss 82.00 Target 93.50

 

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