Trade Idea of The Day -Indusind Bank Ltd Target Rs.48-56 - Religare Broking Ltd
Indusind Bank Ltd
BUY 28 APR 760 PUT Indusind Bank Ltd Entry Range 36-40 Target Range 48 - 56 Stop Loss 32
Rationale
* On the daily chart INDUSINDBK remains under strong bearish pressure, trading below key moving averages, indicating a continuation of the downtrend. The recent sharp decline reflects aggressive selling in near term.
* On the technical front prices are broken below the rising trendline support near the 770-780 zone, which now acts as immediate resistance. Sustained trading below this level may trigger further downside.
* The key momentum indicators remain weak, with RSI drifting near oversold territory and MACD showing a negative crossover, signalling limited upside with robust downside potentials.
* For the upcoming sessions at the downside, 740-720 zone appears as the next support area, while any pullback towards 780-800 zones likely to face selling pressure with lower lows formation.
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SEBI Registration number is INZ00017433
