The stock name is Indbank Merchant Banking Services Limited. The company is based in Chennai. It’s Subsidiary of Indian Bank(Public Sector Bank), incorporated in the year 1989. The company is engaged in following businesses
1) Merchant Banking
2) Advisory Services
3) Stock Broking
4) Depository Participant Activities
5) Distribution Of Mututal Fund & Investment products
6) Online Trading
After doing Technical analysis of Daily chart of this stock we found some key points as mentioned below. Cup & Handle Pattern is formed on daily chart. Cup height is of 8 Rupees. (16 – 8). So whenever this stock prices will cross 16 the next target would be 16+8=24. Stock price is trading above all major moving averages on Daily as well as Weekly chart. RSI on daily chart is at 57 levels showing very good Strength. MACD bullish crossover along with zero line Reject and breakout above Zero line. Slow Stochastic is also showing good upward momentum continuation. Bollinger Band Bounce is happening.
Digvijay, Co-Founder & Technical Analyst, Arthvidya Wealth Mantra
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JAGMEET SINGH SAIGAL
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