IndusInd looks good for a short term trade

IndusInd has been trading in a range since the start of September and hasn't broken out on either side. As IndusInd Bank is a high beta stock, we can expect that the range breakout will cause a huge momentum move on either side. Just by looking at what is happening inside the range, bullish wide range candles are more than bearish wide range candles, showing that buyers are in control inside the range. Once the trendline is broken on back of volume, we can expect a bullish momentum towards the upper side of the range. But we will have to wait for the market to play according to our analysis and then only we should take any trade. Premature trading can cause losses and so wait for the market to tell you its motive. Personal target is of 680 and my stop loss will be 593 as that is just below the closest pivot low. I will enter only after the trendline is broken on the upside and price touches 610. For safe traders, it is better for the price to break out of the range and then take the trade accordingly.

I am not a SEBI registered investment advisor and hence do not follow my analysis blindly.
Be aware of what you are trading and the risk associated with it.
Stock market is risky and you can lose a lot of your capital.
Be wise and trade carefully!
Grateful!🙏

Comment:

IndusInd has broken the downward trendline inside the range and has formed a bullish upthrust candle on back on more than average volumes. Once 643 is crossed on hourly chart, we can expect momentum till 679 levels