INDUSIND BANK : Bears come to the fore..!Indusind Bank (Monthly) On higher timeframe charts we observe that the counter has breached an important support trendline and the recent headwinds faced in select Private banks are beginning to impact the Banking space and could lead to some swift declines. After the long term support trendline was decisively breached in June the charts formed a doji for the last three months and is now once again showing some pronounced weakness. The weakness seen on the charts clearly suggests more pain emerging in this counter. MACD continues to show steady weakness as selling pressure intensifies.With clear supports emerging at the moment around 1070-1100 we could look to short at current levels and on every rally.
Idea Sourced From
trade.chartadvise.com
