IndiaTechnical Analysis

IndusInd Bank Technical Analysis

In the recent update, we can see the gap down opening on 8th Nov 2021. Since then, the stock has been in bearish trend and it is towards its next major support at 960.00.

It could be an opportunity for swing traders who can enter after getting confirmation of a reversal pattern from its next support 960.00 or 811.00.

If we analyze the stock trend then we can see that the stock has been in uptrend since 24 Mar 2020 after making its low at Rs 235.55.Β 

What do we expect next?

The chart clearly shows that the stock price was unable to break its next support and resistance zone at 1240.10. If we get a breakout above 1240.10 then we may see continuation of uptrend in the future.

If the stock price breaks its support and resistance level of Rs 960.00 then we may see the next levels of 811.00.

AS PER FIBONACCI LEVELS

As per Fibonacci levels, it’s clear that we have a buying opportunity above 1076.65 which is 0.618 Levels as per Fibonacci Retracement levels. The next resistance is at 1305.30,1596.55 & 2437.65 levels i.e., 0.786, 1.0 & 1.618 levels according to Fibonacci Retracement levels as shown in the image below.

Fibonacci Levels – ProCapitas

Note : This is not a buy/sell advice, consult your advisor before investing.

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