After a long consolidation phase, Indusind bank seems to be catching its momentum. Indusind bank is a high beta stock, therefore one must trade with strict stop loss and also hold it's position with trailing stop loss when it is in an uptrend. There seems to be no resistance on the upside besides the 100-day moving average which happens to be our target. According to Fibonacci retracement levels, 572 is our first target followed by 600 and 632. The stop-loss is placed at 475, thereby giving a very favorable risk-reward ratio. Technically RSI, which is the momentum indicator, is also favorable along with today's volume.
1.SUPPORT- 485
RESISTANCE- 548
2. BREAKOUT PATTERN- SEEMS TO BE MOVING OUT OF THE CONSOLIDATION ZONE.
#HAPPY TRADING. PLEASE TRADE WITH STRICT STOP-LOSS.
1.SUPPORT- 485
RESISTANCE- 548
2. BREAKOUT PATTERN- SEEMS TO BE MOVING OUT OF THE CONSOLIDATION ZONE.
#HAPPY TRADING. PLEASE TRADE WITH STRICT STOP-LOSS.