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Investors with a short-term perspective can consider selling the stock of DCB Bank at current levels. On Tuesday, the stock plunged 5 per cent accompanied with extraordinary volume breaking below a key medium-term support at ₹190. Following an intermediate-term uptrend from the December 2016 low of ₹102, the stock registered an all-time at ₹213 in June 2017 and changed direction. Since then, the stock has been on a short-term downtrend.
The stock took support at around ₹190 in late June and moved sideways for more than a month. It eventually breached the key support and its 21 as well as 50-day moving averages on Tuesday, resuming its downtrend. The daily relative strength index has entered the bearish zone from the neutral region and the weekly relative strength index has entered the neutral region from the bullish zone. Moreover, the daily as well as weekly price rate of change indicators feature in the negative territory implying selling interest. The short-term outlook is bearish for the stock of DCB Bank.
Traders with a short-term view can sell the stock with a stop-loss at ₹189.5. Short-term targets are ₹178 and ₹174.5 levels.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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