Buy IndusInd Bank 780 PE for Target Rs.28 - Religare Broking
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Derivative Ideas
INDUSINDBK shed 2.83% and closed at 784.05 on 20th June. Broadly the stock has been witnessing pressure after finding resistance at 1000 levels. Now the stock has given a fresh breakdown from the neckline of H&S chart pattern at 840 levels. With every downtick in price, the stock saw good addition of OI suggesting Fresh Shorts in its FUTS. The chart indicators pointing towards the fall accelerating further. We thus suggest creating Shorts as per the given levels.
Strategy:- BUY INDUSINDBK 780 PE @ 15-17, STOPLOSS 10, TARGET 28.
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