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Investors with a short-term perspective can sell the stock of Indian Bank at current levels. The stock tumbled 6.5 per cent accompanied by above-average volume on Monday, breaking below a support at ₹240. With this fall, the stock has strengthened the short-term downtrend that has been in place since encountering a key resistance at ₹285 in early April 2019. While trending down, the stock had decisively breached the 50- and 200-DMAs in late April.
The daily relative strength index features in the bearish zone and the weekly RSI has entered the bearish zone from the neutral region. Moreover, the daily price rate of change indicator is hovering in the negative territory and the weekly indicator has just entered the negative territory.
Overall, the short-term outlook is bearish for the stock. It can continue to trend down and reach the price targets of ₹218.5 and ₹214 in the upcoming trading sessions. Traders can sell the stock with stop-loss at ₹233.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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