IndusInd, AU SFB: Mid-cap banks roar as Nifty Bank fires above 36,000

Barring Federal Bank, other mid-cap banks like RBL Bank, IndusInd Bank, AU Small Finance Bank and IDFC First Bank are yet to conquer their crucial resistances

Shares of mid-cap banks were trading with noteworthy gains on Thursday. IndusInd Bank, for instance, soared 8 per cent, while RBL Bank jumped 5 per cent. Other banks like AU Small Finance Bank, Federal Bank, and IDFC First Bank, too, saw positive sentiment. At the index level, the Nifty Bank was seen successfully holding above 36,000 levels. 

Here’s the outlook for mid-cap stocks for upcoming sessions:

RBL Bank Ltd (RBLBANK)

Outlook: Bearish outlook stay strong beneath Rs 105
 

The Moving Average Convergence Divergence (MACD) has been trading beneath the zero line since November last year. Unless it moves above it, the trend could see sustained selling pressure at higher levels. The level of Rs 105 is its immediate hurdle. CLICK HERE FOR THE CHART

IndusInd Bank Ltd (INDUSINDBK)

Outlook: Breakout over 200-DMA could see medium-term bullishness
 

This is going to be the second instance where the IndusInd Bank is making attempts to conquer the 200-day moving average (DMA), positioned at Rs 945.50-mark. Only stability over this crucial average would provide a breakout towards Rs 1,050 levels. The MACD is crossing the zero line on the upside, suggesting a bullish momentum. The immediate support comes at Rs 900 levels. CLICK HERE FOR THE CHART

Federal Bank Ltd (FEDERALBNK)

Likely target: Rs 119.30

Upside potential: 11%
 

Shares of Federal Bank had a trendline breakout at Rs 102. This saw follow-up move of "Golden Cross". The medium-term outlook for the stock, therefore, becomes bullish and any corrective moves hereon could see added interest. The trend is heading towards the historic peak of Rs 119.30 levels. Closing basis support exits at Rs 102. CLICK HERE FOR THE CHART
 

AU Small Finance Bank Ltd (AUBANK)

Outlook: Hurdle at Rs 600
 

AU SFB's shares need to overturn the selling hurdle placed at Rs 600 levels. When this occurs, the price action set-up might see further upside towards Rs 630, which is the next major hurdle, shows the daily chart. The range of Rs 580 - Rs 570 remains as the immediate support for the current positive bias. CLICK HERE FOR THE CHART

IDFC First Bank Limited (IDFCFIRSTB)

Outlook: Breakout above Rs 38
 

IDFC First Bank is attempting to breakout above Rs 38 levels, shows the daily chart. If the stock succeeds in conquering this hurdle, the chart would display an "Inverse Head and Shoulder" breakout. The support comes at Rs 32 and the breakout rally could see Rs 42.50, which is its 200-DMA mark. CLICK HERE FOR THE CHART