Indian Bank shares have been given multibagger returns By increasing over 104% so far this year (Year-to-date or YTD). Domestic brokerage and research firm HDFC Securities sees further upside in PSU Bank stock as it has a buy rating on the same and has suggested Indian Bank as its technical position stock pick.
The brokerage said that the Indian Bank shares have broken out of an ascending triangle on the weekly chart. “Indian Bank share price has shown a fallback towards previous breakout levels, which may resume the primary uptrend post correction,” the note said.
HDFC Securities ‘Buy’ rating on PSU lender Indian Bank stock comes with target prices ₹189.2, 205 and stop loss ₹151 with a time horizon of up to 3 months.
The brokerage house further said that the Nifty PSU Bank index has broken below a medium-term downward sloping trend line on the weekly chart. Indian Bank share price has crossed last two tops on weekly chart and price breakout is accompanied by higher volume.
“The primary trend of the stock has been bullish with higher tops and higher bottoms. The stock has been trading above its medium to long term moving averages,” it further added in the note.
Indian Bank shares were trading up over 4% in Friday’s deals. The banking stock has gained over 78% in the past six months while it has gained almost 190% in the span of one year. From ₹At 62 per share level in October 2020, Multibagger stock trades around ₹Currently 180 per.
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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