IndusInd Bank corrects on profit selling

IndusInd Bank slipped 3.04% to Rs 1,071.55 on profit booking after rising in the past seven trading sessions.

Shares of the private lender jumped 6.63% in the past seven sessions to end at Rs 1,105.10 yesterday, from its recent closing low of Rs 1,036.40 on 5 August 2022.

The stock had outperformed the market over the past one month, up 23.38% compared with 9% rise in the Sensex.

The scrip had also outperformed the market in past one year, up 9.41% as against Sensex's 7.89% rise.

On the BSE, 1.01 lakh shares were traded in the counter so far compared with average daily volumes of 78,773 shares in the past two weeks. The stock hit a high of Rs 1,107.5 and a low of Rs 1,062.15 so far during the day.

The stock hit a 52-week high of Rs 1241.85 on 28 October 2021. The stock hit a 52-week low of Rs 763.75 on 23 June 2022.

On the technical front, the stock's daily RSI (relative strength index) stood at 65.668. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 913.76, 926.68 and 932.82, respectively. These levels will act as crucial supports zones in near term.

IndusInd Bank caters to both consumer and corporate customers. As of 30 June 2022, the bank's distribution network included 2,286 branches/banking outlets and 2,783 onsite and offsite ATMs.

The bank reported 64% rise in standalone net profit to Rs 1,603 crore on a 9% increase in total income to Rs 10,110 crore in Q1 FY23 over Q1 FY22.

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