INDUSIND BANK LTD
Open-607.55--High-630.65--Low-606.20—Close-627.10
on 19.10.2020.
Support:609.70/607.55/59355/577.50/564.75.
Resistance: 633/638.50/641/667/712/784—795—802---809.
(Bold and underlined figures are most
important)
The technical chart is showing sign of improvement, furthermore it has already given the upside breakout from its long term down trend line which is a positive sign for the up move but at present it is consolidating in a range and most importantly it has made Inverse Head & Shoulder pattern on the chart and the neckline for it is at 641 and it moves above it and sustain on the closing basis then the upside target of the pattern could be in the range of 795---805. Moving up to the targeted range it will face resistance at 667---712---755---795---805. The present range for it is between 641---609.70---593.35, so it can be bought on decline at range point but in that case your stop loss would be 590 which is too wide and furthermore whether it will give breakout from the neckline or not is also not certain, it is therefore suggested to take long position after it moves and sustain above 641 on the closing basis then your stop loss would be at 630. But those who trade with small quantity can buy on decline on delivery basis but should not hold it below 590 in any case. Please note that after the sustained breakout if it fall below it and sustain on the closing basis then the pattern will fail.
It is strongly suggested to
trail your stop losses (with the help of support levels mentioned above) in the
profitable trade to avoid losses completely. PLEASE NOTE THAT IT IS PURELY A TECHNICAL
CALL. DO NOT TRADE OR INVEST WITHOUT STOP LOSS.
NOTE: - It is the technical assessment of the stock as of now, the technical
interpretation changes with the price movement and time, therefore investors
are advised to look into fundamental, financial details of the company and last
but not the least management perception for the future of the company before
taking investment decision.
Disclaimer:-The view expressed here are solely of the author and he is not
at all responsible in any way for the outcome of the trade you enter based on
the above view.
Kindly note that make your cost your stop loss
in favourable trade and then trail it as the price move up/down
to gain maximum profit and avoid losses. Use support and resistance levels as
entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT
STOP LOSS.
Note: Price stated
here are of spot market.
Contact me for strategic guidance to enter and
exit trade.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
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