Abhishek Mondal
Federal Bank has given a consolidation breakout above Rs 101-102 levels on Tuesday with moderate volumes. Daily indicators such as Relative strength index (RSI) and MACD are in buying mode whereas (+) DI trading above (-) DI, which indicates strong buying interest after the breakout.
We expect the stock to extend this rally towards our mid to long-term target of Rs 115.50 with a stop loss below Rs 96 on a closing basis.
Disclaimer: The author is Research Analyst, Guiness Securities. The views and investment tips expressed by investment experts 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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