Buy South Indian Bank from a short-term trading perspective. It is apparent from the charts of the stock that it has been on an intermediate-term uptrend since its 52-week low of Rs 42, recorded in late February. Since then it has been forming higher peaks and higher troughs. While trending upward, the stock broke through key resistances at Rs 70 and Rs 100, one after another. Moreover, the counter is trading way above its 21 and 50-day moving averages. Reinforcing the uptrend, the stock gained 5 per cent with above-average volumes on July 25. Both the daily and weekly relative strength index (RSI) are featuring in the bullish zone. Considering that the stock’s intermediate-term up trendline is intact and is still in place, we are bullish on it from a short-term perspective. We anticipate it to move up further until it hits our price target of Rs 124 in the forthcoming trading sessions. Traders with a short-term perspective can buy the stock while maintaining a stop-loss at Rs 106.



source: BL