Trade Idea of The Day - Indusind Bank Ltd Target Rs.36- Religare Broking Ltd
Indusind Bank Ltd
BUY 30 MAR 870 PUT SELL 30 MAR 800 PUT Indusind Bank Ltd Entry Range 16 – 18 Target Range 36 Stop Loss 9
Rationale
* On the daily chart INDUSINDBK has decisively slipped below its key moving average of 50-DEMA, which has previously acted as the support line, indicating a shift in near-term trend as sellers dominate price action.
* 14 –DAY RSI is trending below the 40 mark, reflecting fading buying strength and suggesting that prices may continue drifting toward the oversold zone.
* MACD has witnessed a bearish crossover on the daily timeframe with the histogram traded in a negative trajectory, signalling robust downside momentum in the near term
* On the technical front prices face rejection from the 940–950 resistance zone followed by a sharp intraday decline indicates distribution, the bias remains sell on rise, with potential downside toward the 820–800 zone
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