Stocks to Buy – Federal Bank shares – Know top triggers - buy for this target price

Stocks to Buy – Federal Bank shares – The shares of Federal Bank today ended at Rs 82.50 on the NSE on Wednesday, up by almost 1.5 per cent. Over the last 7-8 trading sessions the prices have moved both ways. Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking has a buy recommendation on this stock.

Jain said that the stock is looking good on the technical charts. The stock was trading with good volumes on Wednesday and over 1.6 cr shares were trading.

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The stock is now poised well to take an upward trend, Jain said. This stock has undertaken a trend reversal from the 200-day moving average. He puts the target price at Rs 90. He puts the stop loss at Rs 77.50.

The 52-week high of Federal Bank shares is Rs 92.50 which the stock achieved on 4 March 2021 while the 52-week high of this stock is Rs 43.35 which it hit on 25 September 2020.

The intraday high of this stock is Rs 83.25 while the intraday low is Rs 81.10.

Meanwhile, on the BSE, Federal Bank shares ended at Rs 82.40, up 1.4 per cent from the last closing price on Tuesday.

Jain was also bullish on certain Nifty PSU Bank stocks which he said are likely to do well in the near to medium term led by the index heavy weight State Bank of India shares (SBI shares). He was also bullish on Canara Bank and Bank of Baroda shares (BoB shares).

Nifty PSU Bank index today ended at 2,355.15, up by almost 0.9 per cent. Out of the 13 stocks in the index, 7 advanced, 4 stocks declined while 2 remained unchanged. The top gainer was J&K Bank, followed by Punjab National Bank (PNB). While the former gained over 3 per cent, the later gained 1.9 per cent.

SBI ended at Rs 428.65, up by almost 0.6 per cent.