IIFL is bullish on IndusInd Bank and has recommended buy rating on the stock with a target of Rs 247 in its January 19, 2011 research report.
IndusInd Bank has given a breakout from the downward sloping resistance line on the hourly chart with higher-than-average volumes on Tuesday. The stock had seen a sharp fall after hitting an intermediate peak of Rs 309 in December 2010, retracing back to the support of its 200-DMA. This week, the stock has staged a pullback from its 200-DMA which is likely to act as a solid base for resumption of positive momentum in the counter. We expect stock price to rally from here on and test levels of Rs 250 in coming days. Daily RSI also has generated positive crossover suggesting an advance from the current levels. Based on above technical analysis, we recommend traders to buy the stock above Rs 237 with stop loss of Rs 232 for target of Rs 247,Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
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