Traders can take a short position into the stock within a range of Rs 555-560 for the downside target of Rs 525 levels with stop loss above Rs 580.
From the last six weeks, RBL Bank has been consolidating in a range of Rs 590-560 levels and is trading well above its short and long-term moving averages.
But, this week, prices slid well below its consolidating range as stock gave a channel breakdown along with marginally higher volumes, which suggest short build up in prices.
Traders can take a short position into the stock within a range of Rs 555-560 for the downside target of Rs 525 levels with stop loss above Rs 580.
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