IndusInd Bank forming Flag and Pole pattern.Indusind Bank is consolidating in a range after a good rally forming a flag and pole pattern on the weekly charts.
The stock has formed a dragon fly doji and is trading in 5% range for last 40 days which predicts that there will be a nice break out or break down.
It has been trading around the 20 ema on the daily charts and in the last session given a 2% bullish move closing above the moving average.
The stock is holding the recent high and is consolidating around it while the other banking stocks have given a retracement after forming new recent highs.
Previously, the stock has given a nice rally of 13% after the break out. The stock looks in the bullish mode, if the stock gives a break out, cash positions can be carried and hedged future call of current expiry can be carried.
Target :- 1550, 1665
Entry :- After the break out of 1440 levels.
Stop loss :- Close below the previous hourly consolidation.
Watch for the weekly close above the consolidation zone and if the stock gives a close above it in the daily chart, position can be entered with a small Stop loss.
Wait for the price action near the levels before entering the market.
