HDFC Sec- Buy IOB (Indian Overseas Bank) -Technical picks

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Current Observation:
 The PSU banking sector has outperformed smartly in the last few sessions and the IOB (Indian Overseas Bank) is
one of the stocks of PSU pack has started to show fresh upmoves.
 We observe an accumulation pattern in IOB as per daily timeframe chart and the stock price now making attempt to
move above the consolidation area.
 The stock price has moved above the multiple hurdles today of around 50day EMA (brown curvy line) and down
sloping trend line (green line) around Rs.59.00 and Rs.57.50 respectively. This could be an early indication of upside
breakout of the accumulation pattern.
 The daily momentum oscillator like 14 period RSI has turned up and is now moving towards the upper bullish range
of around 70-75 levels (from the current reading of 57 levels). This expected action of RSI could have positive impact
on the stock price.
 Positive chart pattern and upside momentum are showing an opportunity for long trade in IOB for near ter

LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3010130