South Indian Bank Breakout from Descending Channel – Bullish Set

South Indian Bank Breakout from Descending Channel – Bullish Setup

4/1/24 Daily/Weekly Analysis
SOUTHBANK has recently broken out of a descending channel, suggesting a potential bullish reversal. The stock is trading near ₹26.96, with strong support at ₹24.34. Technical indicators point to a bullish and undervalued scenario.

Key Levels:
Buy Entry: Around ₹26.96, with a stop-loss below ₹24.34 to manage risk.
First Target: ₹36.89, near the next major resistance.
Second Target: ₹40.70, for an extended target if the bullish trend continues.
Technical Setup:
Support: The ₹24.34 level has been tested and held, indicating strong support.
Breakout: The breakout from the descending channel suggests further upside potential.
Risk-Reward: The stop-loss placement below ₹24.34 provides a good risk-reward ratio for this trade.
This setup offers a favorable swing trade opportunity with a clear breakout and strong support levels in place. Watching price action around resistance levels will be key for managing the trade.

Disclaimer:
This analysis is for informational purposes only and should not be considered as investment advice. Trading in the stock market involves risks, and it is important to conduct your own research or consult with a financial advisor before making investment decisions. Past performance is not indicative of future results. Always trade with risk management strategies in place.