Shares of IndusInd Bank Ltd fell as much as 4.09 per cent to Rs 1,386.6, lowest since May 23, 2017. The stock broke below a support at Rs 1,420, the 50 per cent Fibonacci retracement level of the uptrend from February 29, 2016 low to August 3, 2018 high.
This suggests that the stock may fall up to the next support at Rs 1,274.15, the 61.8 per cent retracement level. The stock's wave pattern suggests that it is in the third sub-wave of the current wave b that started on October 15. This wave is expected to have five sub-waves.
MACD is negative and below its signal line. IndusInd Bank stock had fallen 26.25 per cent in the last three months as of Friday's close, compared with the broader NSE Index's 10.18 per cent fall in the same period.