The outlook for Indian Overseas Bank (IOB) is bullish. The stock surged over 8 per cent on Wednesday and closed on a strong note. This rise confirms a double bottom pattern on the charts. It also gives an early sign of a trend reversal. Support is around ₹56 – the neckline level of the double bottom pattern. This support can limit the downside if there is an intermediate dip. Fresh buyers are likely to come into the market. Indian Overseas Bank (IOB) can rise to ₹66 in the coming weeks. Traders can go long now at ₹59. Accumulate on dips at ₹57. Keep the stop-loss at ₹54 initially. Trail the stop-loss up to ₹60 when the price goes up to ₹62. Move the stop-loss further up to ₹62 when the stock price touches ₹63. Exit the…
