inteliigentrader

Breakout in IndusInd!

Long
NSE:INDUSINDBK   INDUSIND BANK LTD
IndusInd has given a breakout in the previous session. I expect the momentum to continue towards the upside. My bias on Banknifty is currently bullish , due to the structure which HDFC Bank is forming, and as it is a heavy weight in Banknifty , I expect a breakout in HDFC Bank would be followed by a bullish move in Banknifty . And as IndusInd Bank is a part of Banknifty , it may benefit from it. AGR news will also affect IndusInd Bank, as if the news is in favour of Vodafone-Idea, then IndusInd Bank may also move, as it is a lender to the telecom company. This may fuel the rally towards my target. AGR verdict is on Monday, which is tomorrow, so will have to see how it turns out.
This is an educational post and all the opinions provided above and on charts are simply speculation. Nothing is 100% in stock market.
Consult your financial advisor before taking trades
I do not recommend taking trades according to my analysis as you may incur loss, for which I am not responsible.
Trade carefully
Grateful🙏
Comment: Very bullish in today's session. It has absorbed the supply at 522-523 levels. Can move towards 530 in today's session
Comment: Reduced SL to 505. RR is now 7.7
Trade closed: stop reached: Trailing SL was hit.

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