22 Oct , 2021 By : Kanchan Joshi
Shares of Indian Bank have given multibagger return by surging over 104% this year (year-to-date or YTD) so far. Domestic brokerage and research firm HDFC Securities sees further upside on the PSU bank stock as it has a Buy rating on the same and has suggested Indian Bank as its technical positional stock pick.
The brokerage said that Indian Bank shares have broken out from ascending triangle on the weekly charts. “Indian Bank's stock price has shown throwback towards previous breakout levels, which can resume primary uptrend after running correction," the note stated.
HDFC Securities ‘Buy’ rating on PSU lender Indian Bank's stock comes with target prices of Rs189.2, 205 and a stop loss of Rs151 with a time horizon of upto 3 months.
The brokerage house further added that Nifty PSU Bank Index has broken out from medium term downward sloping trend line on the weekly charts. The stock price of Indian Bank has surpassed the previous two tops on the weekly chart and price breakout is accompanied by higher volumes.
“Primary trend of the stock has been bullish with higher tops and higher bottoms. Stock has been holding levels above its medium to long term moving averages," it further added in the note.
Shares of Indian Bank were trading over 4% higher in Friday's deals. The banking stock is up over 78% in the last six months whereas in a year's period it has rallied around 190%. From Rs62 per share level in October 2020, the multibagger stock trades around Rs180 apiece currently.
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