RBL Bank formerly known as Ratnakar Bank is an Indian private sector bank founded in 1943 and headquartered in Mumbai. It is headed by Mr.Vishwavir Ahuja (Managing Director and CEO) who has more than 35 years of experience in the banking industry.
Their service is spread across different verticals namely, Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Retail Assets & Treasury, and Financial Markets Operations.
It currently services over 9.83 million customers through a network of 435 branches.
The stock was listed on 31 August 2016 with the price of Rs.274.20 (Issue price was 224-225), from the listing date stock has been a consistent gainer for years and it reached its peak of Rs.716.40 in May 2019, which is a gain of approx. Rs.500. However, it started sliding from the peak and settled in the range of 100-230 for a long time.
On the weekly chart, the stock is showing Descending channel chart pattern, If we get a breakout from the resistance trend line and sustains, the trend may change from bearish to bullish. Watch out for the levels on the below chart for further information.
But if we look into the daily timeframe the stock is gaining momentum after consolidation, it is about to regain its previous swings of 205-210 levels, Watch out for quick gains if the Nifty and Banking sector support. It is making a Rising Wedge pattern.
On the contrary, on a weekly timeframe, if we see rejection at resistance levels, the stock can go down and reach its previous support zones.
Our conviction for the short term is towards the positive side. If this trend continues we can hold it for the medium-long term.
Disclaimer: Above mentioned levels are for educational purposes only.
Published by: Avinash Vatharkar & Mohammad Saddam