IndusInd Bank stock outlook: Chart shows 30% fall, can slip to Rs 500-mark

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IndusInd Bank stock outlook: Chart shows 30% fall, can slip to Rs 500-mark - Business Standard

Quick Summary:

Technical chart hints up to 10% downside risk for the Bank Nifty; among private banking shares HDFC Bank looks weak; while ICICI Bank and Axis Bank may trade with a favourable bias in the near-term.

CLICK HERE FOR THE CHART The long-term chart shows that the stock is trading in an oversold zone, and needs to clear the 100-WMA hurdle at Rs 1,073 for a meaningful pullback.

However, on the monthly scale the index is seen quoting below its 20-MMA (Monthly Moving Average), which stands at 48,500 levels. Thus, the near-term bias is expected to remain tepid as long as the index remains below 48,500; above which the key hurdle stands at 50,200 levels.