Jayant Manglik
IndusInd Bank has witnessed a decent profit taking from its record high and currently hovering around the support area of 100-EMA on the weekly chart.
Considering its chart pattern and oversold positions, we expect marginal consolidation followed by strong rebound ahead. The rise in volume also indicates buying interest. We advise traders to use this phase and accumulate in the range Rs 1,600-1615. It closed at Rs 1600 on October 8, 2018.
(Disclaimer: The author is President, Religare Broking. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions)
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