Comments
Shares of Indusind Bank Ltd gained as much as 1.3 per cent to a record of Rs 2,021. At about 11.30 am, the stock was trading at Rs 2003.20, off its morning highs.
The stock broke above a resistance at Rs 1,976.61, the 50 per cent Fibonacci projection level of the uptrend from December 23, 2016, low to February 1, 2018, high (wave 3).
Breakout suggests the stock may now rise up to the next resistance at Rs 2,068.75, the 61.8 per cent projection level.
The stock's wave pattern suggests it’s in the wave iii of a five-wave uptrend; this uptrend constitutes the final wave 5 of a larger degree.
Trend intensity (TI) indicator rises to 16, suggesting the start of a new uptrend, MACD is also positive and above its signal line.
On Tuesday, the stock had closed at Rs 1,994.40 on the BSE.
The stock was up 21 per cent this year as of last close and has outperformed the broader NSE index's 7.84 per cent gains in the same period.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.