The stock of RBL Bank has been in an uptrend since March. This was established on the back of the support at ₹150. But by mid-July, the rally lost steam as the scrip faced a barrier at ₹270. Although there was no shift in trend to bearish, the stock was largely charting a sideways trend. It was oscillating between ₹250 and ₹270. But on Friday, the stock decisively broke out of the barrier at ₹270. This has opened the door for another leg of uptrend, which can lift the price to ₹300. So, traders can buy now at ₹275 and ₹265. Place initial stop-loss at ₹255. When the price hits ₹285, alter the stop-loss to ₹275. On a rally to ₹295, modify the stop-loss to ₹288. Exit at ₹300.
Video Credit: Businessline
(Note: The…
