In the previous session, the market witnessed volatility throughout the day. The Nifty index opened on a positive note but abolished all its gain in the morning. Later we have seen correction in the index towards day’s low, however it recovered losses as the day progresses. On the technical note, the index formed a bullish candle on the chart and closed with a net gain of 140 points.

Look at the below research report of ‘Stocks to Buy for Thursday, October 13, 2022’ before the market opens.

City Union Bank Ltd

We have shown a daily chart of CUB. As per technical tool, stock rebounded from exact support of trend line. A strong bullish candle appeared on the chart. Since price has taken strong support of Middle Band Bollinger on the daily chart, which suggests positive bias for the short term. The Relative Strength Index (RSI) on the daily chart is 59 indicates accumulation in the stock.

In short, CUB chart looks attractive, one can initiate buy at current levels and add more on dips around break out levels near 178- 180 levels which can take price towards 195 levels. This outlook is valid as long as we do not see any closing below 170.50 levels.

Check More Analysis on CUB at: City Union Bank Ltd