RBL BANK

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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.

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