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Stock Market Update: Even in a Weak Market, Big Returns in Bank Stocks! The government is desperate to privatize this – stock market update idbi bank offers good return to investors

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Stock Market Update: Even in a Weak Market, Big Returns in Bank Stocks! The government is desperate to privatize this – stock market update idbi bank offers good return to investors

Share Market Update: Global stock markets are down. Following this trend, the Indian stock market also started falling on Monday at the start of the week. As the index trended lower, investors amassed huge fortunes. However, some stocks have done well between the two. But not just today, it happened recently. Despite the lackluster market performance, many stocks are doing well on their own. Therefore, to some extent, these companies have made profits. As a result, good buys were seen in these stocks. Like IDBI Bank.

Investors were swayed by positive news about the privatization. As a result, IDBI shares rose more than 9%. According to sources, the Indian government and LIC may sell 60.72% stake in the banking company. Bidding for the shares is scheduled to end on December 16.

The stock has rebounded strongly from the lows. And has risen more than 20% in the last 7 trading sessions. It is currently trading near its previous high. It mostly trades its major moving averages and has recently caught the attention of investors. Technical parameters indicate a strong uptrend and the stock should trade well. The daily 14-period RSI (66.99) is in the bullish zone and showing good strength. The bullish MACD crossover has occurred. Which is a possible indication of a sharp rise. The OBV is on the rise and indicates growing attention towards the stock.

Trending stock: 16% increase in one day, incredible returns for this stock
Overall, the privatization announcement boosted investor confidence, which was reflected in higher stock prices. Momentum traders can include this stock in their watchlist to monitor its trade and act accordingly.

This article is published by ‘Dalal Street Investment Journal’, India’s No.1 investment magazine. To be regularly updated on winning stocks and recommendations, join us by clicking here.

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