Mehul Kothari of Anand Rathi suggests selling IndusInd Bank. Here's why

Recently the stock of INDUSINDBK surged from the zone of Rs 800 towards Rs 1,100 mark without any meaningful correction. This indicates possibility of some profit booking

BUY TATACONSUM NEAR Rs 830 | TARGET: Rs 890 | STOP LOSS: Rs 800

During the recent trading session,TATACONSUM confirmed a range breakout above Rs 830-mark. The pattern resembles a shape of Cup & Handle, and also an Inverse Head and Shoulder. The price action was supported with humongous volumes. Thus, we advise traders to buy the stock near Rs 830 for a target of Rs 890 in the coming sessions.

SELL INDUSINDBK NEAR Rs 1,120 | TARGET: Rs 1,040 | STOP LOSS: Rs 1,160

Recently the stock of INDUSINDBK surged from the zone of Rs 800 towards Rs 1,100 mark without any meaningful correction. At this point in time, we are witnessing four point negative divergence on daily RSI (14) indicator. This indicates possibility of some profit booking. Thus, we advise traders to sell the stock near Rs 1,120 for a target of Rs 1,040 in the coming sessions.

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Disclaimer: Mehul Kothari is AVP – Technical Research at Anand Rathi Shares & Stock Brokers. Views are personal