RBL Bank is experiencing its second jump of the year, and MRF is flying close to 90 thousand | Catch My Job


We’ve seen banking stocks fly high over the past trading sessions, and I’ve been tracking shares of RBL Bank (NS: ). I found the stock chart very interesting in terms of technical analysis.

RBL Bank is a banking company engaged in providing a wide range of banking and financial services, including wholesale banking, retail banking, treasury operations and other banking-related activities.

RBL Bank’s market cap is Rs 7944 crore, its P/E ratio is 15.7, its book value is Rs 209 and its face value is Rs 10. The company’s 52-week high is 221.4 and its 52-week low is 74.2.

On November 10, 2021, the stock touched its high and low on June 20, 2022. After touching the lows, the stock immediately returned to the 92 level and started consolidating at the 92-100 level. Then on August 25, 2022, it broke through those levels with massive volume and touched 128 levels. The stock is consolidating at 122 to 130 levels from last month, and if we look at the retracement levels, we can clearly see 152 to the upside, and there is plenty of room for the stock to move from current levels. Shares are on the rise and are very well supported by the movement of shares in the banking sector. The stock could see an upside move of 8-10% from current levels.

Will MRF (NS:) touch the magic number of 5 zeros?

Madras Rubber Factories Limited (MRF Ltd. (NS:)) is the parent company of the MRF Group. The company is engaged in the production of tires. Its market cap is Rs 36599 crore, its P/E ratio is 58.3, its book value is Rs 33085 and its face value is Rs 10. The company’s 52-week high is 93887 and its 52-week low is 62944. The stock hit a low on February 22, 2022, and a high on September 15, 2022.

On Friday, October 21, 2022, the stock rose 2.44%. It reached a high of 88197 level, made a low of 84210 and finally settled at 86224 level with a big jump in volume. We saw that the stock was extremely volatile in September and October, reaching highs of 93887 and lows of 78600. The stock wanted to break the 88000 level, but it did not happen. The stock is facing resistance at 88000 level, and if it breaks, we can expect fresh highs as well as magic figure of 1 lakh in short term.



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