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Buy RBL Bank

The stock can be bought at current levels and on dips to Rs 580 with a stop loss below Rs 560 and a target of Rs 675 levels.

RBL Bank had witnessed rally from low of Rs 274 in September 2016 to high of Rs 600 odd levels in May 2017. Since then the stock has been consolidating its gains Rs 600 and Rs 450 levels to form a base.
For the last six weeks, the price has seen range bound between Rs 590 and Rs 550 odd levels. Yesterday stock witnessed breakout from this short-term consolidation with momentum and volumes indicating buying participation in the stock.
The price has given a breakout from Bollinger band on the upside with the expansion of band on daily chart suggesting the start of the fresh uptrend and likely to see a breakout from major consolidation pattern.
MACD line on the daily chart has given positive crossover with its average after turning up from equilibrium level of zero. Thus, the stock can be bought at current levels and on dips to Rs 580 with a stop loss below Rs 560 and a target of Rs 675 levels.
MORE WILL UPDATE SOON!!

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