Technical Outlook & Trading Strategy:-
The share price of Indian Overseas Bank had been consolidating sideways in the narrow range Rs 138 - Rs 148 levels since the past few sessions.
With today’s movement the price now has given a break-down below this consolidation range. It has also has closed above its short term moving averages.
We believe that this breakdown suggests that the stock price could decline to levels of Rs 131 / Rs 128 in near future.
We recommend sell at current levels and again on pullback to the levels Rs 138- Rs 139 with a stop loss placed above Rs 141.10 levels.
No comments:
Post a Comment