South Indian Bank stock gains 3% on Q2 business update, can it breach record high?

South Indian Bank Ltd shares rose 3% on Monday after the lender announced business updates for the September 2026 quarter. The banking stock gained 2.82% to Rs 48.80, moving toward the record high of Rs 50.66 reached on September 25 this year. A total of 8.27 lakh shares of the firm changed hands amounting to a turnover of Rs 3.99 crore. Market cap of the bank stood at Rs 12,653 crore.

In terms of technicals, the relative strength index (RSI) of the South Indian Bank stock stands at 52.7, signaling it's trading neither in the overbought nor in the oversold zone. South Indian Bank shares are trading higher than the 5 day, 10 day, 20 day, 30 day but higher than the 50 day 100 day, 150 day and 200 day moving averages.

South Indian Bank reported a year-on-year improvement across key business parameters in Q2. CASA deposits rose 17.56% YoY to Rs 43,310 crore, while the CASA ratio stood at 32.12%, compared with 31.86% a year ago. Advances grew 18.67% YoY to Rs 1.09 lakh crore, while total deposits increased 18.7% to Rs 1.37 lakh crore.

Virat Jagad Sr. Technical Research Analyst at Bonanza said, "South Indian Bank is in a positive uptrend, trading comfortably above its key moving averages which are acting as strong long-term support. RSI is at 56.95, above the 50 mark, indicating positive momentum. The stock is consolidating near recent highs around Rs 48– Rs 50. The overall structure remains bullish. Support is placed around Rs 46.5– Rs 45.2 and Target price is around Rs 54."

Shitij Gandhi, AVP - Equity Technical Research, SMC Global Securities said, "South Indian Bank is showing a broader rectangle consolidation following a strong prior up move, with price now oscillating between Rs 44 and Rs 50 zone. The stock recently attempted a breakout above the upper boundary but faced profit-booking and is currently retracing toward the moving-average cluster. The key resistance remains at Rs 50, while immediate support is placed around Rs 46–47 zone, followed by the stronger range support near Rs 43–44.00 zone. Sustained holding above Rs 46 could keep the broader structure constructive and allow another attempt towards Rs 50. Also, a decisive breakout above Rs 50, preferably with volume confirmation, can open the upside towards Rs 54–56 levels. However on the flip side , a decisive break below Rs 43 level would weaken the consolidation structure and turn the near-term bias bearish."