March 08, 2016
IndusInd Bank (NSE Cash)
925 - 930
14 - 21 sessions
Source: Falcon (Chart Time: 10:05 IST)
The stock is moving in a broader range of
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
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
March 08, 2016
Last 11 recommendations
Recom. Buying/Selling Range
182 - 180
108 - 107
328 - 325
Profit Booked at 346
347 - 344
SL Revised to 358
72.40 - 72
Profit Booked at 79.3
520 - 515
Revise SL to 529
317 - 314
Profit Booked at 336
968 - 964
Revise SL to 1003
470 - 467
Booked Profit at 484
863 - 867
1746 - 1735
SL Revised to 1764
Source: Angel research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website:
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