I have averaged IndusInd Bank at Rs 1600, what should I do now? - Chuaungo Nunthara
HOLD INDUSIND BANK WITH A STOP LOSS OF RS 1550
IndusInd Bank is currently trading at Rs 1592.30. Its 52-week high/low stand at Rs 2037.90/Rs 1553.55 made on August 3, 2018 and October 4, 2018, respectively. This shows that the stock witnessed a continuous and sharp downfall in the last couple of months. The stock witnessed a multiple resistance-turned-support breakdown near Rs 1800 on September 21. Meanwhile, the stock also breached its 100-day and 200-day EMA levels. Recently, the stock formed a hammer-like pattern at its 52-week low level and thereby witnessed some upside consolidation. The volumes are huge and the stock gave 14-period RSI positive crossover in the oversold zone. The recent upside may be short covering or fresh buying. Hence, we suggest you to hold with a stop loss of below recent 52-week low.