IDBI Bank’s stock rose 9% in early trade on Thursday. The government is considering selling at least a 51 percent stake in this bank, according to reports on Wednesday. The government and the LIC own approximately 94 percent of this bank.
Mumbai: There is a bullish sentiment in the domestic stock market, with a lot of buying in public sector shares. IDBI Bank’s stock rose 9% in early trade on Thursday. It far outpaced the rest of the companies in its industry. In addition, the stock has shown a strong price volume breakout. Simultaneously, it has surpassed its previous swing high of Rs 42.90. It also closed above the 38.2% retracement level of its previous downtrend. Its volume is higher than the 30-day and 50-day averages, indicating that investors are interested in it. Its volume has increased for the third day in a row.
This stock is bullish from a technical standpoint. Its 14-day RSI (73.36) is rapidly rising and has risen above its previous swing high. Meanwhile, its MACD has shown a bullish crossover. Its ADX (35.35) has reached a bottom and is now trading bullishly. Overall, this stock is technically strong and has the potential to rise even further in the coming days.
It has risen by more than 25% in the last month. It has passed through the 200-day moving average. This suggests that it may rise in the long run. Based on this, it is expected to rise above Rs 50 in the near future. Keep an eye on this stock in the coming days.