The bear trend in the stock of IndusInd bank has been gaining ground in the past few trading sessions. As a result, the stock slumped and registered a fresh 52-week low of ₹1,164.5 on Monday. The price action suggests that there is more on the downside.
The overall trend of the stock is bearish as on the weekly chart it continues to form lower peaks and lower troughs. In October 2019, after registering a low of ₹1,188, the stock attempted to recover and rallied to ₹1,600 by the end of November last year. Unable to move beyond that level, the stock started to decline. Since then, the stock has been under pressure. On Monday, IndusInd Bank made a new 52-week low.
The daily relative strength index is moving lower in tandem with the stock price and the MACD is hinting at renewed bearish strength. Hence, traders can sell the stock on rallies with stop-loss at ₹1,225 for a short-term target of ₹1,100.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.