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- Jul 13, 2023 - South Indian Bank - A Multibagger Stock in the Making?
South Indian Bank - A Multibagger Stock in the Making?
South Indian Bank is currently making waves in the market as it reached a new 52-week high today.
The overall sentiment in the banking sector is bullish, and South Indian Bank has resumed its upward momentum after breaking out of a rectangle pattern.
South India Bank, Weekly Chart
The high of year 2021 of Rs 14 has turned out to be a major support, which had previously acted as a resistance level. This support level has turned into a solid foundation for the stock's upward movement in recent weeks.
Additionally, the golden cross bullish pattern is visible on the charts.
This occurs when the 50-period moving average considered crosses above the 200-period moving average. This is regarded as the long-term average, which signifies a shift in market sentiment from bearish to bullish and is seen as a strong buy signal by chartists.
The bulls are in the game still for South Indian Bank as the price is heading higher, fuelled by a bullish crossover of averages on the Moving Average Convergence Divergence (MACD) indicator.
Interestingly, it's more convincing as it has displayed positivity above the integer line.
When a price breakout occurs accompanied by a bullish crossover on the MACD indicator, it can significantly impact charts. This combination often signals a strong bullish momentum in the market.
The Nifty Bank index performance followed by the stock's performance capitalizes on the bullish market sentiment on the price chart. With the resistance turned support and the momentum supported by the MACD indicator, South Indian Bank may attract attention from market participants.
With markets reaching new all-time highs, the risk associated with stop-loss orders is heightened. As a result, traders and investors should carefully consider this factor before committing to stock investments.
If you're interested in being part of my charting journey, join my telegram channel - Fast Profits Daily. You'll get access to the best trading ideas in the stock market.
Safe Stocks to Ride India's Lithium Megatrend
Lithium is the new oil. It is the key component of electric batteries.
There is a huge demand for electric batteries coming from the EV industry, large data centres, telecom companies, railways, power grid companies, and many other places.
So, in the coming years and decades, we could possibly see a sharp rally in the stocks of electric battery making companies.
If you're an investor, then you simply cannot ignore this opportunity.
Details of our SEBI Research Analyst registration are mentioned on our website - www.equitymaster.comDisclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...
Brijesh Bhatia Research Analyst and expert chartist, is the editor of Alpha Wave Profits. Fully committed to his craft, Brijesh has mastered the art of making money by trading using technical analysis. Brijesh has an MBA from ICFAI and 16 years of experience in India's financial markets. He began his career on Dalal Street as commodities dealer and it wasn't long before he developed his own unique trading system. Brijesh worked on his trading system until it could be expected to deliver 5 units of return for every unit of risk.
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M JAYASANKARAN NAIR MAVELIL
Jul 13, 2023Sir,
As per my knowledge South Indian Bank is a pvt Bank.