A negative divergence has appeared in the stock of INDUSINDBK on its daily time bar chart. However, the stock on weekly and monthly chart has not shown any negative divergence nor does it look like to be for medium to long term period. Still, we may see a short term southward movement which may look like a sideways corrective movement to its medium to long term movement.
For short term period of time, i.e., over the next few days or weeks, one may witness a southward movement due to the negative divergence that has appeared on the daily time bar chart of the stock of INDUSINDBK .
One may go for selling or shorting in the stock with the target of 1311, 1258 and 1216 being 23.60%, 38.20% and 50.00% retracement level of its total rise of 359.30 points from its low of 1036.70 made on 24th Nov., 2016.
Giving some space for the possibility of extension of current bull run in the stock showing upside movement a stop loss of 1425 shall be kept on safer side. Those who are risk averse shall keep 1396 as stop loss and enter in sell or short position at or around 1425 for the above stated targets.
Target may get revised depending on the situation stated above.