In the past few sessions, IndusInd Bank has rallied from Rs 800 zone towards the recent high of Rs 1,070 without any corrective move.
At this point in time, the stock is facing some headwinds at the placement of the 200 week moving average. The intraday chart are showing signs of exhaustion and thus we might see some profit booking.
Thus, we advise traders to sell the stock only below Rs 1,040 for downside target of Rs 990 in the coming sessions.
The stock has confirmed a fresh breakout on the daily chart after announcing decent results. The recent positive price action is supported with incremental volumes and that indicates accumulation.
Thus, we advise traders to buy the stock near Rs 345 for an upside target of Rs 365 in the coming weeks.
(Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).
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