Stock of the day : IndusInd Bank Ltd For Target Rs. 60 - Religare Broking Ltd
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IndusInd Bank Ltd
* Indusind Bank forming a distribution pattern i.e. Head & Shoulder pattern, suggests bearish tone to continue ahead.
* It has recently breached its short term moving average i.e. 20 DEMA and gradually drifting lower.
* The recent price action coupled with bearish momentum among the banking pack indicates, prices are likely to remain under pressure.
* We thus advise buying Put option in the mentioned zone
Buy IndusInd Bank Ltd CMP 37.00; Range 35-38; SL 26; Target 60
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