About the company:
City Union Bank Ltd (NS: CTBK ) is a private-sector Indian bank headquartered in Kumbakonam, Tamil Nadu (NS: TNNP ). The bank was initially named Kumbakonam Bank Limited and was incorporated on October 31, 1904. The bank preferred the role of a regional bank in the Thanjavur district of Tamil Nadu. The stock is trading at a discount of 11.8% to its 52-week high level. The 52-week high and low range is Rs 200 – Rs 143.
One week time frame: (Chart 1)
On a weekly time frame, from the chart below, we can see that CUBL stock has broken out of a Falling Channel. High volumes support the upward move witnessed in the share since last two months. Also, note that the scrip is above the 50-day EMA line. Relative Strength Index (or RSI) is above 60 and the Moving Average Convergence Divergence (or MACD) line has crossed the signal line from below. It denotes positive momentum on the scrip. Long-term investors can enter at current levels. They should maintain a stop loss at Rs 142 (previous swing low) on a weekly closing basis.
One day time frame: (Chart 2)
On a daily time frame, you should note from the below chart that CUBL scrip has made a Rounding Bottom formation. On October 25, 2021, the stock broke above an important neckline of Rs 175. Here also heavy volumes accompany the upward move. RSI is above 70 and the MACD line is above the signal line. It indicates positive momentum on the stock. Positional traders should make sure that the current upward move is sustained before entering. They should enter once the share has crossed and stays above Rs 175 level which should act as a support level. Positional traders should keep the stop loss at Rs 157 on a daily closing basis.
We anticipate the CUBL stock to maintain positive bias and head higher from current levels. Short-term traders should take a position above Rs 176 level and keep a strict stop loss of Rs 169 on a daily closing basis. Our view will negate below this level.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.
I have been adding Pvt. and Public Banks, some NBFCs from Feb '21. I put a buy GTT on CUB at 120. I did not check on them, but after your post when I see, it did not even come to 120. I missed CUB. May be next time. Thanks for sharing.Like 5
honestly indian bank at good eps and pe of 6 is one of the best psu stocks ... much ignored oneLike 3
Thank u sirLike 1
Sameer sir , thanks to prosperous us. Your valuable guidance related stocks is much accurate and promptLike 2