Andhra Bank forms Bullish Engulfing with Long Build Up

Andhra Bank went up by 2.95 or 2.39% to form Bullish Engulfing in the Candlestick Chart. Andhra Bank went onto create nine month high of 126.50. The stocks 52 weeks high is at 138.45. Currently Andhra bank is treading above 10, 20, 50, 100 and 200 days moving averages. Andhra bank may go up further with possible interest rate cut in the upcoming Reserve Bank monetary review.

Andhra Bank shows Bullish Engulfing

Andhra Bank shows Bullish Engulfing

The stock is also showing positive signal in the MACD chart. The MACD histogram is pointing at 0.7091.

Andhra Bank shows Positive momentum in the MACD Chart

Andhra Bank shows Positive momentum in the MACD Chart

In the Derivative segment, the stock has Open Interest of 6024000. In today's trade the stock has added 664000 or 11.02% in Open Interest. The addition of Open Interest in the Derivative market and the price up in the Equity market indicates the possible long build up.

Muthuraj Paulraj

Passionate about investing and trading in Options.