India, June 30 -- The Bank of Maharashtra, following a phase of sideways consolidation in recent sessions, has developed a rectangular channel pattern. A rectangular channel shows consolidation within parallel support and resistance levels. A decisive breakout above resistance signals bullish continuation, indicating buyers are in control and momentum may strengthen.

On Monday, the stock reached a higher high and broke above the key resistance level of Rs 91.20 The move, backed by a sharp rise in volumes, signals the emergence of near-term bullish momentum.

For a rectangular channel, the price target is estimated by adding the height of the prior range to the breakout level or by identifying the next resistance zones. Traders use this p...