Technical Stock Pick: Buy Au Small Finance Bank between 638 & 671 | Indianotes.com


Current Observation:


– 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.

   Click here to read the full report

About HDFC Sec

HDFC Securities a trusted financial service provider promoted by HDFC Bank and JP Morgan Partners and their associates, is a leading stock broking company in the country, serving a diverse customer base of institutional and retail investors. HDFCsec.com provides investors a robust platform to trade in Equities in NSE and BSE , and derivatives in NSE. Our website will support you with the highest standards of service, convenience and hassle-free trading tools.

For more information please write in to [email protected]

Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.