Chart of the day – Indusind Bank Limited.
The recent down moves in the banking stock seems corrective. Yesterday’s move has created a down gap in the stock. The stock closed below the 20 sma with heavy volumes. The fall did not manage to dampen the momentum, it only increased the volatility. Once a close is registered above 1436 levels, Indusind Bank is expected to make new highs.
The chart below shows the stock is at an important support.
Till the stock trades above 1390 levels, the trend is intact on the upside.