Shares of private sector RBL Bank (RBL Bank) have gained a lot in the last 6 months. Shares of RBL Bank have rallied nearly 135% from their 52-week low in 6 months. Shares of RBL Bank were at the level of Rs 74.15 on June 20, 2022 on the Bombay Stock Exchange (BSE). Shares of the bank reached its new 52-week high of Rs 174.25 on December 28, 2022 and closed at Rs 173 at the end of trading.
Bank shares may rise further
Market analysts say that RBL Bank shares have crossed their key resistance levels and the bank shares have reached new 52-week highs. According to experts, the shares of the bank may witness further gains. In technical terms, RBL Bank shares are forming a higher high and higher low pattern after hitting a 52-week low in June. RBL Bank stock is trading above its 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
There can be a jump of 30% from the current level.
In a BusinessToday report, TipstoTrade expert Abhijeet says that RBL Bank shares have seen strong recovery from low levels, but there is strong resistance at 173 levels. If the weekly closing of the bank’s shares is above this level, then its shares can reach Rs 211-245. The support of the bank’s shares will be Rs 130. Manoj Dalmia, Founder and Director, Proficient Equities, says that investors can accumulate this stock at current levels as it is in consolidation phase and the bank’s shares can gain 30% from current levels.
Disclaimer: Information provided here is only about stock performance and does not constitute investment advice. Investment in share market is subject to risk and you should consult your advisor before investing.