Targets :1317-1305 Sell range : Below 1395 Stoploss : 1450 Duration : 4-5 weeks
Rationale :
The attached daily timeframe chart of this Private Sector-Bank participant (Indusind Bank) is indicating a beginning of a sharp weakness in the stock price.
The gradual upmove of the last 5-6 months seems to have completed, as the stock price has started to show weakness during this week.
Initial evidence of a beginning of declines is visible in terms of downside breakout of the immediate support trend line resulting into breakout of an “ Bearish Head & Shoulders” pattern on daily charts around Rs 1402 with sudden rise in volumes.
Technical indicators are currently giving negative signals as the stock trades below the short term and medium term (50 day SMA) moving averages. Momentum indicators like the 14-week RSI are in decline mode.Bearish Weekly MACD line is crossed down 9 week EMA.
Moreover, Our momentum oscillator based on the smoothed rate-of-change (KST) is giving a negative reading. A negative reading means the weighted and smoothed rate-of-change values are mostly negative and prices are moving lower.
The overall negative chart setup is showing an opportunity for short trade. Look to Sell Indusind Bank as per levels mentioned above.
Rationale :
The attached daily timeframe chart of this Private Sector-Bank participant (Indusind Bank) is indicating a beginning of a sharp weakness in the stock price.
The gradual upmove of the last 5-6 months seems to have completed, as the stock price has started to show weakness during this week.
Initial evidence of a beginning of declines is visible in terms of downside breakout of the immediate support trend line resulting into breakout of an “ Bearish Head & Shoulders” pattern on daily charts around Rs 1402 with sudden rise in volumes.
Technical indicators are currently giving negative signals as the stock trades below the short term and medium term (50 day SMA) moving averages. Momentum indicators like the 14-week RSI are in decline mode.Bearish Weekly MACD line is crossed down 9 week EMA.
Moreover, Our momentum oscillator based on the smoothed rate-of-change (KST) is giving a negative reading. A negative reading means the weighted and smoothed rate-of-change values are mostly negative and prices are moving lower.
The overall negative chart setup is showing an opportunity for short trade. Look to Sell Indusind Bank as per levels mentioned above.
Trade closed: stop reached