Quant Pick - RBL Bank - ICICI Direct

Time frame: Three months

Derivatives & Quantitative Outlook

In the recent broader market movement, stocks from the midcap and small cap space have found momentum but the banking & financial space has been underperforming. However, apart from sectoral heavyweights, the select midcap banking space, especially RBL Bank, has been witnessing buying interest at the current decline. We expect RBL Bank to continue its positive momentum on the back of fresh long additions.

Open interest in RBL Bank has been reducing on the back of short closure since mid-August. The open interest in the October 2021 series is at a three-month low. However, as the stock has low leverage, thus fresh longs were formed in the stock since the mid-current series along with the up move. The OI has increased almost 15% in the last couple of sessions suggesting buying interest in the stock.

For details, click on the link below: Link to the report

Shares of RBL Bank Limited was last trading in BSE at Rs. 201.20 as compared to the previous close of Rs. 196.70. The total number of shares traded during the day was 799192 in over 7337 trades.

The stock hit an intraday high of Rs. 203.45 and intraday low of 196.40. The net turnover during the day was Rs. 159912661.00.

Source : Equity Bulls

Keywords

RBLBank INE976G01028 Banks QuantPick ICICIDirect