ONDC Achieves 14 Million Transactions in October, Reflecting 7.6% Growth Amid Festive Season
Price volume breakout seen in this banking stock; Do you hold it?
Last Updated: 13th December 2022 - 09:09 am
DCB Bank has surged over 7% in Thursday’s trading session.
Amidst positive sentiment in the Indian indices, banking stocks have witnessed strong buying interest and have outperformed the other sectors. With this, DCB Bank has emerged as the top trending stock among the private sector banks, having soared over 7% in Thursday’s trading session. Interestingly, the stock has registered a price volume breakout from its falling trendline with huge volume. Spurt in volume is found to be greater than 7 times and it has been above 30-day and 50-day average volume. Strong buying emerged in the past 3 trading sessions, as the stock surged nearly 10 per cent from its prior swing low of Rs 81.15 level.
From the technical analysis point of view, the stock is very bullish. The 14-period daily RSI (65.85) is in bullish zone and above its prior swing high. The MACD has shown a bullish crossover. The OBV is in strong uptrend and shows increasing buying interest among the traders. The +DMI is well above -DMI. Moreover, the Elder Impulse System has charted bullish bars. The stock is 7% above its 20-DMA and nearly 10% above its 200-DMA. Besides, it is above all its key moving averages. Considering the stock’s positive price pattern along with bullish technical parameters, the stock is expected to scale higher levels in times to come.
On YTD basis, the stock has zoomed over 15%. It is likely to test the level of Rs 100, followed by Rs 110 in short to medium term. One can place a stoploss at Rs 82 level. It is a strong momentum buy and swing traders have a good opportunity in this stock. Include it in your watchlist to track its further performance.
DCB Bank is a Smallcap private sector bank, having a pan-India presence. It works in the space of retail banking, wholesale banking and treasury operations.
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