Comments
Investors with a short-term perspective can sell the stock of IndusInd Bank at current levels. The stock plummeted 12 per cent on Tuesday, after recently testing resistance at ₹480. The short-term key resistance at ₹480 is limiting the upside.
Following a corrective up-move from the key support band between ₹280 and ₹310, the stock encountered a key resistance at ₹480 on Monday. Thereafter, the stock began to decline and resumed the intermediate-term downtrend that has been in place since testing a key resistance at ₹1,580 this January. The stock can continue to trend down in the coming trading sessions.
IndusInd Bank now tests the 21-DMA and support at ₹400. A slump below this base will strengthen the downtrend. The daily RSI has re-entered the bearish zone from the neutral region and the weekly RSI continues to feature in the bearish zone. Besides, the daily price rate of change indicator has entered the negative territory implying selling interest.
The short-term outlook is bearish for the stock. Targets are ₹385 and ₹375. Traders can sell the stock with a stop-loss at ₹411 levels.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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.