July 17, 2017
IndusInd Bank (NSE Cash)
1560 - 1566
5 - 10 sessions
(Time: EOD as on July 14, 2017)
This has been one of the steady outperforming stocks within the ‘Private’ banking space. At present, the stock is trading at its
all time high; but, we are now observing a possibility of some short term correction. It’s very difficult and risky to go against the
direction of such kind of outperforming stocks. But, the kind of structure we are observing itself gives contradictory signals.
Due to last three months price action, we can see a formation of ‘Wolfe Wave’ on daily chart. As per the requirement of this
pattern, all 5 points are visible and 5
point placement is precisely at ‘Golden Ratio’ (161% Fibonacci Retracement) of the
previous down move (from 3 to 4). The said pattern needs a confirmation of some reversal pattern at the 5
point, which we
can see in the form of a ‘Dragonfly Doji’ pattern.
Hence, traders are advised to sell this stock at current levels and on
1566 for a target of
1512 over the next 5 - 10 sessions. The stop loss should be fixed at
022-3935 7600 Extn: 6552
July 17, 2017
Last 7 recommendations
CMP Target 1 Target 2 Stop-loss
668 - 665
1000 - 1009
167 - 168.50
1047 - 1056
Booked Profits at 1125
634 - 639
376 - 380
Source: Angel Research
Research Team Tel: 022 - 4000 3600
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