City Union Bank rises 5.2% below Rs 240 resistance

City Union Bank Limited shares rose 5.16% to Rs 231.42. The Rs 240 zone has rejected the price many times, with support at Rs 210 and resistance near Rs 250. City Union Bank Limited [

] shares rose 5.16% to Rs 231.42 on the daily chart. The stock is rebounding after holding near its rising trend line and is now trading below the Rs 240 zone. The session opened at Rs 221.85 and touched a high of Rs 233.00. The Rs 240 level has acted as resistance many times. The stock moved above it recently and reached Rs 248.85, but selling pressure emerged soon after and the price fell back below Rs 240. This reads as a failed attempt to hold above Rs 240, which shows supply is still strong in that zone. The rising trend line and the higher lows since March keep the larger structure constructive. The RSI reads 55.22, above its average of 48.91, which shows momentum improving but not strong. Rs 210 is the key support, near the trend line. A fall below it would weaken the structure. A move above Rs 240 would bring Rs 248.85 into focus. Rs 250 is the next resistance, as it is a psychological level. Neutral stance while price trades between Rs 210 and Rs 250. Disclaimer: I do not hold any position in this. This content is for informational purposes only and is not a recommendation to buy or sell. Investments in securities are subject to market risks. Please read all related documents carefully before investing.