Nandish Shah
DCB Bank is on the verge of giving a bullish flag pattern breakout on the daily charts. The trend of the last few days, where price is rising with higher volumes and subdued volumes during the consolidation indicate strength in the uptrend.
The short-term moving averages are trading above its long-term moving averages which indicates a bullish trend.
Private banks along with Bank Nifty is doing well for the last few days. Therefore, we recommend buying DCB Bank for the upside target of Rs 206 and keep a stop loss below Rs 198.
Disclaimer: The author is Technical & Derivatives Analyst at HDFC Securities. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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