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    Central Bank of India, part of the public sector banking space, has more than doubled investors’ wealth in the last six months and is on track to hit fresh 52-week highs.

    Short-term traders can look to buy the stock now or on marginal dips as the momentum remains strong which could take the stock towards 80 in the next 3 months, suggest experts.

    The public sector banking stock has risen over 25% in a week, over 30% in a month, over 50% in the last 3 months and over 100% in the last 6 months, Trendlyne data showed.

    The momentum helped the PSU stock to break out from a Flag and Pole pattern on the monthly charts which has opened room for further upside, suggest experts. The neckline of the pattern was placed above 50.

    If the momentum continues, a close above 74 levels could propel the stock to a fresh 52-week high above 80, they say.

    The stock also broke out on the upside from a long consolidation since September 2018 seen on the monthly charts.“Central Bank of India stock has experienced a notable breakout above the flag and pole chart pattern on the monthly chart, supported by high volume, indicating strong bullish momentum,” Suraj Bathija, Founder & CSO at AlgoBulls, said.“Over the past three months, there has been a consistent increase in monthly trading volume. Achieving a 52-week high further reinforces the positive sentiment. The stock has successfully broken above a downward trend line, signaling a potential reversal,” he said.

    The Monthly Relative Strength Index (RSI) has surpassed the 60-level mark, a significant milestone not observed in nearly a decade, affirming a robust uptrend.

    On the daily chart, the stock has found substantial support at the 50-day Simple Moving Average (SMA), maintaining its position above this key indicator, indicating a continuation of the uptrend in the shorter time frame.

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    The daily RSI has consistently remained above 50, with periods above 60 in the last two months, reflecting strong and sustained positive momentum.

    The stock is currently in a solid uptrend, supported by various technical indicators and chart patterns, suggest experts.

    “Strong momentum is evidenced by the breakout, increasing trading volume, and a series of positive RSI readings,” highlights Bathija. Both technical analysis and fundamental factors align, providing a robust confirmation of the bullish trend.

    “With the current stock price at 57, there’s an expectation for the upward trend to persist, reaching 72. A sustained breakthrough above 74 could propel the stock towards a higher target of 88 in the next quarter,” he recommended.

    (Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)

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    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price



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