IndusInd Bank hits 7-week low; chart suggests more downside

Reuters April 30 | Updated on April 30, 2019 Published on April 30, 2019

Shares of IndusInd Bank fell as much as 7.28 per cent to Rs 1,575.2, their lowest since March 13, 2019.

The stock has broken below its 200-day exponential moving average, which is a bearish sign. The stock has also broken below a support at Rs 1,668, the 23.6 per cent Fibonacci projection level of the downtrend from its August 3, 2018, high to its October 31, 2018 low.

The MACD has turned negative and is below its signal line. The wave pattern suggests the stock is in the third wave of a five-wave downtrend.

In the near term, the stock has support at Rs 1,565.1, the 38.2 per cent projection level.

The stock is down 9.73 per cent in the last one year to Monday's close, while the broader NSE Index has gained 10.71 per cent in the same period. The stock ended at Rs 1,607.70, down Rs 88.35 (-5.21%) on the BSE on Tuesday.

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Published on April 30, 2019
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