IndusInd Bank can retest Rs 445-450 in short term: Thukral

Hemant Thukral, National Head-Derivative Desk of Aditya Birla Money feels IndusInd Bank can retest Rs 445-450 level in immediate short term.

Thukral told CNBC-TV18, “In the last one week’s data the private banks have added long positions, whereas public sector undertaking (PSU) banks have moved more on short covering. And keeping the derivatives data point views that the stocks, which have fresh longs, are stronger than the pullback stocks.”
“IndusInd Bank on Friday has seen an open interest addition of 8 percent along with an increase in premium, so suggesting that long open interest has been built-up here. The stock technically also has managed to cross above that Rs 425-430 zone, which was acting as a resistance point for it. So in immediate short-term we feel that IndusInd Bank can retest Rs 445-450 levels. Traders have to keep stop loss in Rs 425-430 support zone but one might see IndusInd Bank outperforming the private banks here. Therefore, look for a target of Rs 445-450 in immediate short-term,” Thukral added.