We have recommended Federal Bank earlier also at the level of Rs 82 and now expecting the move to continue in short term. After forming bullish engulfing candlestick pattern in monthly chart, prices are moving upwards and momentum indicators are suggesting the move is likely to continue.
Prices have taken resistance at 20 DMA thrice in last few weeks and now finally trading above it suggesting extension of recent up move is likely. Falling trend line resistance has also been breached on higher side. On daily chart stock has started trading above 200 DMA and tagging above upper Bollinger band. Thus, can be bought for short term gain.
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