Maha Shivratri Pick 2024 : Buy Indusind Bank Ltd @ 1550 & add Upto 1510 for the Target of 1690/ 1800 by Choice Broking
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INDUSINDBK, currently trading at ?1550, has recently broken out of its range by forming a new higher high and higher low, indicating a strong uptrend. The immediate resistance is near the ?1690 level, and the current price is exhibiting strong bullish momentum, expected to continue towards the ?1800 level. On the flip side, there is robust support near ?1440. Moreover, INDUSINDBK is trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs, indicating robust bullish momentum and suggesting potential for further upward price movement.
The Relative Strength Index (RSI) is presently at 57.54, showing an upward trajectory and indicating increasing buying momentum. Additionally, the Stochastic Relative Strength Index (Stoch RSI) exhibits a positive crossover. These technical indicators collectively suggest that INDUSINDBK may have the potential to reach target prices of ?1690 and ?1800 in the near term. A prudent strategy would be to consider buying on dips at levels of ?1510.
Overall, considering the technical analysis and current market conditions, INDUSINDBK presents a promising buying opportunity for those aiming for a ?1690 and ?1800 price target, provided that prudent risk management measures are in
Buy INDUSINDBK @ 1550 & add Upto 1510 for the Target of 1690/ 1800
