the_consolidation_guy

Possible Breakout in IndusIndBank

Long
NSE:INDUSINDBK   INDUSIND BANK LTD
After the close of today's session (31/05/2021), Multiple bank scrips in NIFTY seems to be hovering around a defined resistance zone .
IndusIndBank seems to be one of them.

Notes:
- High Beta Stock (one of my personal favorites to trade on a trending day)
- Consolidation right below a defined resistance zone (1017-1025). Tested the range twice in the last 7 days.
- Kinda Risky since a clear target is not visible above the zone intraday (at least to me. Feel free to put out your targets. Everyone's here to learn ;) ).
- Ideal case, around 2% upmove from above the zone to hit 1050 levels. (Ambitious yes. But Could be a great day for banks judging by the setups of the other banks in which case a high beta stock such as this could hit our targets).




Please note - Not a SEBI Registered Advisor/Analyst. Only for Educational Purposes. Please Consult your financial advisor before you take any action.
Trade active: 3rd June was a crazy day for the stock, Still hugging the zone.

It has broken down from the ascending triangle formation.

Waiting for a clear direction. Slightly bullish as long as it keeps close to the resistance zone
Trade active: The resistance zones that were marked seems to have lost its significance (Although the levels are respected intraday - Check out 15min chart) Instead, the scrip has decided to center the resistance zone and make a new channel (1000-1038 almost a 4% channel). The most recent candle is clearly bearish.

The levels maybe used for intraday purposes. Still waiting for a confirmation (breaking that current channel) for any clear direction at the moment.

Do let me know your ideas. Cheers.
Trade active: Adding to the confusion lol. Gave a nice and clean 2% move today.

Hopefully, will break the channel and the subchannel (1038) in the next session
Comment: Although the movement above 1038 was pretty nice intraday, the daily candle closing is not looking so good since it has a bearish bias.
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