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Relief Rally in IndusInd Bank after 8 days of Consecutive Fall, What’s Ahead Now?

IndusInd Bank Ltd

NSE :INDUSINDBK   BSE :532187  Sector : Banks

About Company: IndusInd Bank Limited was incorporated in 1994 as a commercial bank under the Banking Regulation Act, 1949. The Bank is publicly held and provides a wide range of banking products and financial services to corporate and retail clients besides undertaking treasury operations. The Bank operates in India including at the International Financial Service Centers in India.

Daily Chart of IndusInd Bank:

Technical Outlook of IndusInd Bank:

IndusInd Bank today on 1th Dec 2021 (Wednesday) gained 6.03%. Stock witnessed relief rally after 8 consecutive sessions of fall. Short have been covered in the stock and profit booking was seen from sellers. If we look at the chart structure stock has multi month trend line support around 880- 900 level. On the other hand on the upside strong resistance is seen at 965 level. Looking at the week ness in the stock we do not recommend to buy stock at current level and keep a strategy to take fresh entry in the stock only once it closes above 965 level. If we see further week ness in the Banking index stock can again resume its current down trend and hence we recommend to go short on the stock once sustains below 900 levels. Till stock is trading between 910- 950 on should not trade the stock.

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