Bullish Federal Bank in the short term
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Federal Bank has a great setup for a bullish move till around 160. Good volume and price setup. It might not be immediate, but within the current week (6 Feb to 9 Feb). My analysis won't be applicable if it falls below 144.
A lot of peer stocks, i.e. stocks in the banking sector, are also looking good. One name would be IDFC First Bank, though in comparison, Federal Bank hasn't corrected as severely as IDFC First Bank.
Keep an eye on HDFC Bank. It is stabilizing at current levels (1440) and can head back up to cover a few of the gaps. When this happens, other banks may also participate in the rally.
Federal Bank 160 CE is a very low-risk trade, with a CMP of 0.75, that I MAY BUY.
Exercise caution before taking any trades. This is just for educational purposes. I may act on my analysis and may have a personal interest, though, at the time of posting this, I have no open positions in Federal Bank or IDFC First Bank. Consult with your financial advisor before taking any trades.
A lot of peer stocks, i.e. stocks in the banking sector, are also looking good. One name would be IDFC First Bank, though in comparison, Federal Bank hasn't corrected as severely as IDFC First Bank.
Keep an eye on HDFC Bank. It is stabilizing at current levels (1440) and can head back up to cover a few of the gaps. When this happens, other banks may also participate in the rally.
Federal Bank 160 CE is a very low-risk trade, with a CMP of 0.75, that I MAY BUY.
Exercise caution before taking any trades. This is just for educational purposes. I may act on my analysis and may have a personal interest, though, at the time of posting this, I have no open positions in Federal Bank or IDFC First Bank. Consult with your financial advisor before taking any trades.
Nota
Great move in the last two trading sessions, though the stock did cross below 144, after which my analysis wasn't applicable. I got stopped out because of that, part of trading. Will post another analysis this weekend.
Penafian
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