INDUSIND BANK

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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.

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