This low-price multibagger is on verge of multi-year breakout!

The stock went up by 119 per cent on a YTD basis while on an MTD basis, it is up by 52.68 per cent. Interestingly, the 14-period RSI on the daily chart is in a bullish trajectory.

Indbank Merchant Banking Services Limited was incorporated in the year 1989 as a subsidiary of Indian Bank. Indbank is engaged in merchant banking, advisory services, stockbroking, depository participants’ activities, distribution of mutual funds, and other investment products & online trading.   

The stock is seen buzzing on the bourses today as the stock recorded gains of over 19 per cent and marked a fresh 52-week high. The most striking part is its volumes, which is the highest-ever seen over the past three years.   

The stock went up by 119 per cent on a YTD basis while on an MTD basis, it is up by 52.68 per cent. Interestingly, the 14-period RSI on the daily chart is in a bullish trajectory. Furthermore, the trend strength indicator i.e. the average directional index (ADX) is above 40, which shows that the strength is strong. And, the ADX is in up trending mode. The +DMI is also in trending mode, and it is much above the -DI. This structure is indicating a bullish strength in the stock.   

Now, the big thing to watch in the stock is that it’s on the verge of a multi-year breakout. Hence, watch out for this stock!