shivamishra023

INDUSBANK 15/03/2021 SHORT

Short
NSE:INDUSINDBK   INDUSIND BANK LTD
1.The stock was trading in a range from a very long time & whenever it as given a breakout it didn't survive.
2.We can clearly see Double top pattern on 1hr time frame.
3.Today on 12/3/2021 market open gapup consolidated for half of the day and then a breakdown following BANKNIFTY and had tested the support of 1014 which is very very strong which this stock has tested more than 5 times making it no doubt weaker.
3.You can see a green trendline which shows downtrend which market is respecting at 1054 by making red candle .
4.On 15 min time frame you can again see a range breakout at 13:15 candle and a bullish doji which didn't affect the trend making another candle red.
5.Levels to note
market may open gap up/gap down in the
upper range (1024 to 1029) and for gap down
expect it below 1013.
6.There is no higher chances of bullish market on 15/3/2021 unless any news arrive

-SHIVAM MISHRA
MGB