Bank of Maharashtra Signals Momentum Revival on Daily Chart

Bank of Maharashtra is showing signs of a fresh bullish momentum on the daily chart, with the stock closing at ₹86.91, gaining 2.13% in the latest session. The stock has witnessed a strong recovery and is now trading above its key moving averages, including the 20 EMA, 50 EMA, 100 SMA and 200 SMA. This alignment indicates improving price strength and a positive short-to-medium-term technical structure. The RSI has climbed to 62.81, moving comfortably above the 50 mark and indicating strengthening bullish momentum without entering the overbought zone. The MACD has also turned positive, with the MACD line above the signal line, suggesting a potential continuation of the recovery. However, the ADX at 15.06 indicates that the overall trend strength is still relatively weak, and further confirmation is required. Key Levels to Watch: Immediate Resistance: ₹87–88 Next Resistance: ₹90–92 Immediate Support: ₹84–82 Major Support: ₹77–78 My View: The technical setup is improving, with price action, RSI and MACD supporting the bullish outlook. A sustained breakout above ₹87–88 with strong volumes could open the door for further upside towards ₹90–92. Traders should watch for breakout confirmation, as the ADX suggests that trend strength is yet to build significantly. Disclosure: The analyst and his family do not have any position in the stock. Disclaimer: This article is for educational and informational purposes only and should not be considered investment advice. MAHABANK