Indian Bank (Daily Chart)

CMP: ₹985 Range High (Breakout): ₹920 Pattern: Rectangle Breakout 🟢 Structure Overview Clear consolidation zone: Range Low: ~₹760 Range High: ~₹920 Multi-month sideways movement Strong breakout above ₹920 This is a rectangle continuation breakout. Not early — already expanding. 📐 Measured Move Range height ≈ ₹160 Breakout target: ₹920 + ₹160 ≈ 🎯 ₹1,070–₹1,100 Your marked 15% move aligns with classical projection. 📊 EMA Structure ✔ Price above 26 EMA (₹901) ✔ 26 > 52 EMA ✔ 225 EMA rising (~₹748) ✔ Strong bullish alignment Momentum phase confirmed. 🔥 Price Action Detail • Breakout followed by follow-through candles • No sharp rejection at highs • Tight consolidation before breakout Healthy expansion structure. 🔑 Key Levels Immediate Support: ₹940–₹950 Major Support: ₹920 (breakout retest zone) Invalidation: Daily close below ₹900 weakens breakout momentum. 🏦 PSU Bank Comparison Relative positioning right now: Union Bank of India = More extended Bank of Maharashtra = Just breaking out Indian Bank = Clean structured breakout with moderate extension Risk-reward here is balanced compared to others. 📌 Strategy View Aggressive: Trail stop below ₹940 Conservative: Wait for minor pullback toward ₹920–₹940 Target Zone: ₹1,070–₹1,100