March 08, 2016
IndusInd Bank (NSE Cash)
SELL
` 965
` 925 - 930
` 855
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 10:05 IST)
Justification:
The stock is moving in a broader range of `780 to `980 from last one year; wherein, we witnessed many
trading opportunities on either side. Recently, the stock has seen a strident rally from `802 level in last six
trading sessions. With this up move, the gap between its short term moving averages and price has widen,
which indicates a possibility of a pull-back or sideways movement in upcoming session. Currently, we are
witnessing a formation of a Bearish Harmonic Pattern called ‘Bearish Bat’ pattern in the daily chart. The
Potential Reversal Zone (PRZ) of the mentioned pattern is placed at `922 - `924 levels. The ‘Stochastic’
oscillator is also moving in extreme overbought territory, which suggests that the rally should cool-off soon.
Looking at the current chart structure, we are anticipating a correction in the counter. Thus, traders are advised
to sell the stock at current levels and on rise to `930 for a target of `855. The stop loss for the trade set-up can
be kept at `965.
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March 08, 2016
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544
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317 - 314
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342
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303
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968 - 964
1024
1038
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454
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1817
1895
1660
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Source: Angel research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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