Stock name: IDBI Bank

Pattern: Multi-year breakout

Time frame: Monthly

Observation:

Below is the chart of IDBI Bank on a monthly time frame. As we can clearly see, the level of 51 had acted as a very strong support in the earlier years which was now acting as a very strong resistance. Recently the stock has broken out and is trading above the said level and if we see a monthly close above the said level, we can see some good up-trend in this stock for the coming times.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

1)TCS will kickstart the earnings season with its numbers scheduled to be announced today. Experts are of the view that the third quarter is usually a soft one due to seasonality.

2)TUV Rheinland acquires ABB’s part of energy industries division.
3)DIPAM secretary says financial bids for IDBI Bank will be called only after due diligence is done.