Shares of private sector lender Indusind Bank Ltd gained as much as 1.3 percent to a record of Rs 2,021. At 12.47 pm, it traded at Rs 2,013.60, adding Rs 19.20, or rising by 0.96 percent on the BSE. It has so far ranged between Rs 2,020.05 and Rs 1,996.80.
Stock breaks above a resistance at Rs 1,976.61, the 50 percent Fibonacci projection level of the uptrend from December 23, 2016 low to February 1, 2018 high.
Breakout suggests stock may now rise up to the next resistance at Rs 2,068.75, the 61.8 percent projection level.
Stock’s wave pattern suggests it’s in the wave iii of a five-wave uptrend; this uptrend constitutes the final wave 5 of a larger degree.
Trend intensity (TI) indicator rises to 16, suggesting the start of a new uptrend, MACD is also positive and above its signal line.
Stock up 21 percent this year as of last close, has outperformed the broader NSE index’s 7.84 percent gains in the same period.
Also, catch all the action and updates in our Market Live blog
First Published: IST