Can I buy shares of RBL Bank at CMP?
BUY RBL BANK ABOVE RS 530
RBL Bank is currently trading at Rs 510. Its 52-week high/low stand at Rs 600/Rs 273.70 made on May 3, 2017 and August 31, 2016, respectively. Considering the daily time frame, the stock had formed descending triangle pattern which has a support line near to Rs 495 level. The stock would give a strong movement of the triangle at Rs 525-530 levels. Currently, the 14-period RSI quoting at 47 and low volumes suggest lack of momentum for now. Hence, we suggest you to enter only above Rs 530 level on a closing basis. Above Rs 530, the stock may give a strong upside of 80-100 points. Below Rs 490, the stock has a major support at Rs 475 level.