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Shares of IndusInd Bank today hit more than 6-month low, and chart suggests further downside. The stock plunged as much as 3.96 per cent to Rs 1,692.60, lowest since March 9.
The stock broke below a support at Rs 1,746.3, the 23.6 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 retracement level at Rs 1,565.85, the 38.2 per cent retracement level.
The stock's wave pattern suggests it has completed a five-wave uptrend and is now in a corrective cycle. Trend Intensity indicator jumped to 22, suggesting that the prices are trending downwards; MACD is negative and below its signal line.
IndusInd Bank stock had fallen 10.8 per cent in the past month as of Friday's close, compared with the broader NSE index's 3.7 per cent fall in the same period.
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