Technical Analysis

IndusInd Bank (₹1,172.9): Sell

Akhil Nallamuthu BL Research Bureau | Updated on February 17, 2020 Published on February 18, 2020

The bear trend in the stock of IndusInd bank has been gaining ground in the past few trading sessions. As a result, the stock slumped and registered a fresh 52-week low of ₹1,164.5 on Monday. The price action suggests that there is more on the downside.

The overall trend of the stock is bearish as on the weekly chart it continues to form lower peaks and lower troughs. In October 2019, after registering a low of ₹1,188, the stock attempted to recover and rallied to ₹1,600 by the end of November last year. Unable to move beyond that level, the stock started to decline. Since then, the stock has been under pressure. On Monday, IndusInd Bank made a new 52-week low.

The daily relative strength index is moving lower in tandem with the stock price and the MACD is hinting at renewed bearish strength. Hence, traders can sell the stock on rallies with stop-loss at ₹1,225 for a short-term target of ₹1,100.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

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Published on February 18, 2020
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