Indusind Bank has broken out of long term trend line support plus given close below important support of 1430. Volumes have been on higher side in selling. 1333 is the immediate support which needs to be hold on closing basis. If counter closes below 1333 ( keep 1% margin) on daily and weekly basis then it will confirm lower top lower bottom structure. In past couple of months, counter has shown mean reversion tendency after 15-22% correction from 20 DEMA. We might see same emerging at either 1333 or 1267 level (38.2% retracement of rally from 27 to 1900) for 1530-1550 level (20 DEMA). Traders should wait for positive divergence on hourly RSI/ bullish candlestick pattern with high volume to predict mean reversion event. Resistance on upside are at 1450-1460 and 1490-1500 zone. Traders should avoid any major short position around 1333 and 1267 levels. It's better to watch for reversal and then create position in uptrend.
Order cancelled:
Stock didn't come below 1350 but moved up as per our expectation. CMP 1450. Some steam is still left for 1490-1510.