Dhanlaxmi Bank Limited shows strong development within a rising trend channel in the medium long term. This signals increasing optimism among investors and indicates continued rise. The stock has broken a resistance level in the short term and givena positive signal for the short-term trading range. There is no resistance in the price chart and further rise is indicated. In case of a negative reaction, the stock has support at approximately 25.00 rupee. Positive volume balance indicates that buyers are aggressive while sellers are passive, and strengthens the stock. RSI is above 70 after a good price increase the past weeks. The stock has strong positive momentum and further increase is indicated. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. The stock is overall assessed as technically positive for the medium long term.
Update
Monday saw a 9% plunge following Resignation of Sridhar KalyanaSundaram from the board of directors wef 16 Sep
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