IDUSB trade ideas
Swing Opportunity in IndusInd BankGo Long above 1014 for a Target of 1041 with SL 987
Reasons to go Long :
1. On a daily timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.382 Fibonacci level.
2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.382 Fibonacci level.
3. Also there is a strong demand zone (marked with purple color), from which the stock initially faced resistance but now is taking support and moving up.
4. The stock may go up to the trendline where it may face resistance.
INDUSIND BANK TRADE SETUP (POSITIONAL)Indusind Bank share is very near to the support level. If it break the level of 988.
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Then we can expect the downside around 960-970.
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If it goes upside 1013 is a strong resistance, you can accumulate this stock in this price.
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Once it break the 1013, we can see the level of 1040-1050.
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What's your view on this comment below in the box.
indusindNote:
1. Views are personal and for educational purposes only. Recheck and take the trade as per your RR.
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Keep an eye ladies and gentlemen. Cheers and Happy Trading
Indusind bank viewFrom last 19/07/2021 indusind bank range is 975 to 1045 it can’t sustain above 1045 for few days as it shows that is major resistance. So it will eat premium as one can short ITM call and buy OTM call. Example one can buy 1000ce and sell 980ce. As banknifty also showing weak data so it will be good strategy for this month expiry. Please do with proper risk management and proper sl. This is just a view for educational purpose.
Buy Setup with Good Risk/Reward IndusIndBk is trading at its support level and may bounce from here anytime soon.
Buy either above 1030 or when Bull Power crosses above Bear Power.
Gann roadmap for IndusIndBk for next 5-6 months is:
993 1009 1025 1041 1057 1073 1089
Disclaimer :
Trading is never ever recommended as it is injurious to mankind. This is purely my study based on technical charts and for educational purpose only. Please do your analysis before taking any trades given by me. I MUST not be held responsible for any profit or loss out of any trades you take on our advice. All Disclaimers Apply.