Stocks

IndusInd Bank hits over 6-month high

Reuters | Updated on March 27, 2019 Published on March 27, 2019

Chart points to more upside

Shares of IndusInd Bank Ltd gain as much as 4.83 per cent to Rs 1,797.4, highest since September 21, 2018.

The stock breaks above a resistance at Rs 1,768.75, the 61.8 per cent Fibonacci retracement level of the downtrend from August 3 high to October 31 low. A close above this level may lead to further price rise up to the next resistance at Rs 1,871.65, the 76.4 per cent retracement level.

The stock's 20-day exponential moving average (EMA) cuts above its 200-day EMA, seen as a bullish sign. Trend intensity(TI) indicator rises two points to 33, suggests stock is in a strong uptrend. MACD is positive and above its signal line.

It was trading higher by 16 per cent in the last one month as of Tuesday's close, outperforming the broader NSE Index's 6 per cent gains in the same period. At 10.20 am, the stock of IndusInd Bank was trading higher by 4.14 per cent at Rs 1,786.50 in the BSE index Sensex while in the broader index Nifty it was trading higher by 4.22 per cent at Rs 1,787.

Published on March 27, 2019
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