Technical Stock Pick: Buy Au Small Finance Bank between 638 & 671 | Indianotes.com
– Au Small Finance Bank has been consolidating in a range between the 564-628 levels for the last several weeks.
– This week, the stock has broken out of this range on the back of healthy volumes. This indicates that the stock looks set to continue the next leg of its uptrend.
– Technical indicators are currently giving positive signals as the stock trades above the short term (13 day SMA) and medium term (50 day SMA) moving averages. Momentum indicators like the 14-day RSI are in rising mode and at 73.12 is not yet in extremely overbought territory. The MACD signal too is in buy mode.
– We believe the stock has the potential to move higher in the coming weeks as it attempts to make new life highs. We therefore recommend a Buy at CMP and adding more on any dips. Our entry levels, along with stop loss and targets have been mentioned above.
Recommendation: HDFC Securities recommends investors to buy Au Small Finance Bank between CMP of Rs631 & Rs671 for targets of Rs720/750/832 with a stop loss placed at Rs595 in 1-3 months.
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