Turning Bullish: Federal Bank

Federal Bank has turned bullish and is trading near 196 levels.
It took strong support around 182 levels in the first Week of Sep 2024
It faced strong resistance at 199 levels on Oct 1, 2024.
Thus, a strong pullback brought the price back to 182 levels.
However, in the last few sessions, it gave a strong breakout along with a volume spurt.
If the 199 support level is broken, we can expect a decent upside move
Support levels: 193, 188, 182, 173
Resistance: 199, 204
Longterm target suggested by experts: 230
Pros:
With an 18% increase in deposits and a 20% compound annual growth rate in its loan
book, Federal Bank (FB) has shown a robust development trajectory over FY22–24.
The bank is well-positioned to produce an 18% loan CAGR during FY25–27, helped
by technology collaborations and efficient risk management.