IndusInd Bank is clearly showing a negative divergence...We see high call writing of close to 170k at 520 strike having the highest open interest.
Also in the charts we see that 23.6 percent retracement comes to about 550 level where we resistance at these levels.
Could go short at higher levels with a strict stop loss at 555.....could see some downside from these levels.
Lookout for the volumes are getting lower compared to June July.
Another indicator is the Bollinger Band where we see a squeeze this usually happens when there is high volatility followed by period low volatility which we clearly see in this case.
It can break out in either direction but most likely should be to the downside.
Also in the charts we see that 23.6 percent retracement comes to about 550 level where we resistance at these levels.
Could go short at higher levels with a strict stop loss at 555.....could see some downside from these levels.
Lookout for the volumes are getting lower compared to June July.
Another indicator is the Bollinger Band where we see a squeeze this usually happens when there is high volatility followed by period low volatility which we clearly see in this case.
It can break out in either direction but most likely should be to the downside.
Comment:
trade active could move lower
Trade closed: stop reached:
STOP LOSS HIT