Rupak De
Federal Bank after few days’ consolidation has given a highest closing. On a line chart the stock price has moved above its previous inflection point of smaller degree.
In addition, the stock has given a falling wedge breakout and currently trading above the breakout point. In addition, weekly RSI (14) is in bullish crossover and rising.
Traders can accumulate the stock in the range of Rs 82–83.50 for the target of Rs 92 with a stop loss below Rs 79.
Disclaimer: The author is Technical Research Analyst at Bonanza Portfolio Ltd. The views and investment tips expressed by investment experts on moneycontrol.com are their 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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